Restaurant Industry Statistics

Any guesses on what makes the restaurant industry so popular and interesting among us? The answer is it is always changing. In recent years, a massive spike in ordering food online, more focus on reducing food waste, adopting server handhelds, implementing robots in restaurants, and a host of food trends have been witnessed across social media platforms.

Owning a successful restaurant is a dream that many of us share. Just imagine how great it would be if you were your boss, enjoying the freedom to choose your working hours and employees and making good money as a hot-shot restaurateur.

But, the reality is, running a restaurant isn’t that peachy. To get a realistic picture of what it is like to run your eatery, we have come up with this article that serves you with the most recent restaurant industry statistics. Without any delay, let us explore them.

Key Restaurant Industry Statistics

Here are the top 10 stats from the article below:

• In 2020, the restaurant industry’s projected worth was adjusted to $659 billion in sales from an initial projection of $899 billion. This loss of $240 billion was due to the  COVID-19 pandemic. (Restaurant Dive)

• As a result of the COVID-19 pandemic, in the U.S., there was a 65.91% year-on-year decline in consumers dining in restaurants as of January 2021. (Statista)

• The restaurant industry has a projected annual sale of $863 billion, which is 4% of the country’s gross domestic product (GDP). (NRA 2019 Restaurant Industry Factbook)

• As of May 2019, the Restaurant Performance Index (RPI) was 101.6. An RPI above 100 is considered as the period of growth for restaurants.

• 95% of restaurant owners say that the overall efficiency of their establishments is improved by the use of technology. (Toast)

• 56% of consumers want to know how their personal information is being used by restaurants. (Technomic)

• By 2025, digital channel sales are expected to account for 30% of total sales for U.S. restaurants. (Facebook)

• Compared to dine-in traffic, digital ordering and delivery have grown 300% faster since 2014. (Nation’s Restaurant News)

• When choosing a restaurant, 72% Of diners place food quality over everything else. (Toast)

• The biggest food/beverage trend right now is CBD infused drinks according to 75% of surveyed chefs. (Netwaiter)

General Restaurant Industry Market Statistics

The restaurant industry is not slouching when it comes to variety. They can serve us both with a dollar meal and also the most expensive food. But, when it comes to success, why is there a great divide among restaurants? How can the industry be so alive and thriving for some but not for others? We shall look into some general restaurant industry market statistics to know the answer to the above questions.

• In 2020, the restaurant industry’s projected worth was adjusted to $659 billion in sales from an initial projection of $899 billion. This loss of $240 billion was due to the  COVID-19 pandemic. (Restaurant Dive)

• As a result of the COVID-19 pandemic, in the U.S., there was a 65.91% year-on-year decline in consumers dining in restaurants as of January 2021. (Statista)

• 51% is the restaurant industry’s share of the food dollar in the U.S. (NRA Restaurant Industry Facts at a Glance)

• For limited-service restaurants, the percentage increase in debt between 2019 and 2020 was 8.1% (AlixPartners)

• In the U.S, there are over one million restaurants. (Restaurant ORG)

• The restaurant industry has employed about 15.3 million people. (Statista)

• By 2030, the restaurant industry would generate an estimated 17.2 million jobs. (NRA State of the Restaurant Industry Factbook)

• On any given day, more than 170 million people were foodservice patrons in 2018. (NRA Restaurant Industry Outlook)

• In 2018, over 200 million U.S. consumers visited a sit-down restaurant. (Statista)

• At some point during their lives, about 60% of adults have worked in the restaurant industry. (NRA State of the Restaurant Industry Factbook)

Restaurant Economy Statistics

Not all businesses in the market have a sure path to success. Knowing all the important details before investing in a business is a big deal. When entering a food industry, like the restaurant industry there is a wide range of economic factors that one should consider. People who are run on the run to open their restaurant might be indecisive. So, here is a compilation of restaurant economy statistics that might help you.

• The restaurant industry has a projected annual sale of $863 billion, which is 4% of the country’s gross domestic product (GDP). (NRA 2019 Restaurant Industry Factbook)

• As of May 2019, the Restaurant Performance Index (RPI) was 101.6. An RPI above 100 is considered as the period of growth for restaurants. (NRA Restaurant Performance Index)

• Globally, seated diners from online, phone, and walk-in reservations decreased by 63% as of January 2021. (OpenTable)

• Since the start of the COVID-19 pandemic, 55% of diners have been eating at home. (Acosta)

• For relaxation, 41% of consumers will turn to restaurants once the COVID-19 situation normalizes. (Datassential)

• In the U.S., 59% of adults plan to use their stimulus checks on food. (Statista)

• In 2021, profits from the restaurant industry are expected to rise to about 15% as dining restrictions due to the COVID-19 pandemic are relaxed. (Moody’s)

• Restaurants gain an average of 3%-5% profit margins. (Beambox)

• High operating and food costs are the top challenges for 52% of restaurant professionals. (Toast)

• As a result of COVID-19, about 56% of restaurants have at least $50,000 in new debt. (Independent Restaurant Coalition)

Usage of Technology in the Restaurant Industry

Right now, the restaurant industry is becoming more digital. Most diners have used at least a few technological innovations in their process and are becoming modernized with time. They enjoy a variety of competitive advantages. Appealing a wide range of audiences, covering a wide range of promotions, and making business decisions smarter. Let us now look at some statistics that throw light on the usage of technology in the restaurant industry.

• 95% of restaurant owners say that the overall efficiency of their establishments is improved by the use of technology. (Toast)

• 56% of consumers want to know how their personal information is being used by restaurants. (Technomic)

• By the end of 2021, there will be an estimated 44.1 million users of food delivery apps in the U.S.in light of the COVID-19 pandemic. (eMarketer)

• Between 2020 and 2025, a growth of 240% will be observed in QR code payments which will be spurred by demand for cashless payments due to the COVID-19 pandemic. (Juniper Research)

• Yearly store sales per unit can be increased by $16,000 by using digital menu boards. (Presto)

• Mobile order-ahead and loyalty rewards programs or a combination of both are offered by 92% of all top-performing restaurants. (Order To Eat)

• Experts predict that in 2021 about 27.9 million adults in the U.S. will be using a grocery app. (Statista)

• By using a self-service kiosk, 6 in 10 quick-service restaurant customers would like to make an order. (Tillster)

• An average of 36% drop in sales was experienced by 87% of full-service restaurants because of the COVID-19 pandemic. (NRA COVID-19 Restaurant Impact Survey V)

• A mobile payment option is a must-have technology for diners according to 49% of restaurant operators. (Upserve)

Online Marketing in the Restaurant Industry

How can a meal be so scrumptious when no one gets to know about it? These days, competition in the restaurant industry is becoming fiercer. A bare minimum requirement for keeping your business afloat is to make sure that your business is known by the masses. There are many ways to do it. Online promotion is one method that has gained traction over the past few years. Now, we shall look at some statistics on online marketing in the restaurant industry.

• By 2025, digital channel sales are expected to account for 30% of total sales for U.S. restaurants. (Facebook)

• Compared to dine-in traffic, digital ordering and delivery have grown 300% faster since 2014. (Nation’s Restaurant News)

• Revenues can be increased by 5%-9% when customer reviews are improved by half a star. (PYMNTS.com)

• Restaurants whose online rating is lower than 4-stars on review sites are not preferred by 33% of diners. (ReviewTrackers)

• 2 or more channels are owned by 91% of retail brands on social media. (Brandwatch)

• On social media, 50% of consumers expect a response within 30 minutes. However, this expectation is met by only 50% of companies. (Eptica)

• 0.064% is the average engagement rate for food and beverage brands on Twitter. (Rival IQ)

• A restaurant is visited more frequently by 67% of customers who place orders online than those who don’t. (Concessions International)

• 90% of Instagram users follow at least 1 restaurant business. (Instagram)

• A restaurant that has negative reviews about its cleanliness is avoided by 75% of people. (Business Wire)

Consumer Preferences and Trends

Apart from having a lot of variants, atmospheres, and uniqueness in them, one main thing which attracts customers to restaurants is food. After a tiring day at work, there is nothing more satisfying than enjoying a scrumptious meal of your choice. There is a new entity between restaurants and their patrons, which introduces several customer services, branding, and profitability challenges. Now, it’s time to cover a selection of statistics focused on what consumers prefer and what the latest trends are.

• When choosing a restaurant, 72% Of diners place food quality over everything else. (Toast)

• The biggest food/beverage trend right now is CBD infused drinks according to 75% of surveyed chefs. (Netwaiter)

• Online reviews are trusted by 84% of people. (Inc.)

• More than 10% of total foodservice traffic is represented by Gen Z. (Sosland Publishing)

• The restaurant traffic made off-premises is 92% (Fast Casual)

• To purchase food and essentials, 51% of consumers have downloaded at least 1 new app since the COVID-19 pandemic. (Bluedot)

• As a result of the COVID-19 pandemic, 32% of millennials bought more healthy food products in the U.S. (Morning Consult)

• Over the past year, nearly 32% of the consumers said that their eating habits have become healthier. (International Food Information Council)

• When ordering food online, 34% of consumers spend at least $50 per order. (Statista)

• Specialty food is more likely to be bought by 82% of millennials. (Progressive Grocer)

Conclusion

By now, you would have understood that restaurants aren’t the easiest thing to run in this world. From the restaurant industry statistics mentioned in this article, it is clear that the restaurant industry has oddities that other industries don’t have.

This is the reason why one must be always on the run for developing the food industry. Prepare foods that will gain traction among your target consumers and make your menu more appealing. Take advantage of various social media platforms. Integrate various technologies.

These will help you to supercharge your business and help you survive the new normal once the COVID-19 pandemic ends.