It has been a tough three years for the restaurant industry, with cutbacks in consumer spending and rising operating costs, but 2011 will be noticeably better in many aspects, according to the National Restaurant Association.
Restaurant industry sales are expected to reach a record $604 billion and post positive growth in 2011 after a three-year period of negative real sales growth. The Association’s 2011 Restaurant Industry Forecast projects an industry sales increase of 3.6 percent over 2010 sales, which equals 1.1 percent in real (inflation-adjusted) terms.
The 2011 Restaurant Industry Forecast identifies opportunities to build business, attract and retain customers, and control costs, and is a free resource to state restaurant association members. It details macro-trends – economic, workforce and operational – that affect the industry as a whole, as well as by industry segment. The report also provides national, regional and state sales and employment data.
In addition, the Forecast includes information on consumers’ mindsets, expectations and habits. For example, social media savvy consumers are more active in the restaurant community. These individuals dine out more frequently than the general public: 92 percent eat a meal at a sit-down restaurant at least once a month (compared with 84 percent of all adults) and 87 percent purchase a meal or snack quickservice restaurant or carry-out place at least once a month (versus 83 percent of all adults).
The economic downturn has created a substantial pent-up demand for restaurant services – more than two out of five consumers say they are not dining out or using takeout as often as they would like – which positions the restaurant industry for growth in 2011.
The nation’s 960,000 restaurants will continue to be strong contributors to the recovery of the nation’s economy, with industry sales representing 4 percent of the U.S. gross domestic product and employees comprising nearly 10 percent of the U.S. workforce. Its total economic impact exceeds $1.7 trillion, as every dollar spent in restaurants generates $2.05 spent in the overall economy. Restaurants are the nation’s second-largest private sector employer with 12.8 million employees.
Get your free PDF of the 2011 Restaurant Industry Forecast at www.restaurant.org/forecast. You’ll need your member number to download the report. Questions? Contact NMRA at 505-343-9848.
The New Mexico Restaurant Association’s mission is to empower the food and beverage industry by promoting and protecting common values and interests. It has more than 1,000 members in 111 cities all over New Mexico, who join together for meetings, seminars and the hospitality industry awards to honor the industry’s top achievers. It has actively represented and promoted the food service industry in New Mexico since 1946.