The Restaurant Industry has a profound and impacting effect on our everyday lives. Everyone has a story about a restaurant, it could be where they worked, 1st date, prom date, celebration dinner, or many other reasons. I believe I have one of the best careers in the world as a Restaurant Broker, I work with restaurant owners and buyers within an industry that has a massive economic impact in our world.
The Restaurant Industry has allowed 60% of adults to work in a restaurant at some point during their lives. According to the National Restaurant Association, 1 in 3 Americans got their first job experience in a restaurant. Restaurants are the top employers of teenagers in the economy. 1 in 3 employed teens works in the restaurant industry. Restaurants employ more women managers than any other industry.
The Economic Impact of the Restaurant Industry was projected to total $863 billion in 2019 and equal 4 percent of the U.S. gross domestic product. The Restaurant Industry is expected to add 1.6 million jobs over the next decade, with employment reaching 16.9 million by 2029. This is interesting because 90% of restaurants have fewer than 50 employees, and 70% are single-unit operations.
The 2019 Restaurant Industry Factbook has Consumer Trends by Numbers, EATS Broker has listed some of the most interesting findings:
- 62% Consumers who say the availability of locally sourced food would make them choose one restaurant over another.
- 61% Consumers who say they order more healthful options at restaurants than they did two years ago.
- 58% Consumers who say the primary reason they like locally sourced food in restaurants is that it supports farms and food producers in their community.
- 55% Consumers who say they would order breakfast items more often if restaurants offered them all day.
- 44% Consumers who say they placed a food order for takeout or delivery using a restaurant app or website during the past year.
- 52% Consumers who say they would rather spend money on an experience such as a restaurant or other activity, compared to purchasing an item from a store.
- 38% Consumers who say they are more likely to have restaurant food delivered than they were two years ago.
For more information on the restaurant market and other available consulting services or restaurant valuations, contact Restaurant Business Broker Dominique Maddox at 404-993-4448 or by email at [email protected]. Visit our website at www.EATSbrokers.com
