Statistics and projections show Americans are dining out and spending money
In a bustling city like Denver (or New York or LA or Chicago or Seattle), where the wait times for the hottest restaurants can be hours, reservations are booked out a month, and there’s a line out the door, no one questions the demand for dining out.
Despite being a fad favorite and seeing a boost, however, often our clients have concerns about the market for their restaurant. When business is slow or the crowds are lacking, it can be easy to blame the economy or the population without taking a hard look at business practices.
The reality is, however, it’s not just the cool crowd hanging out at the cool places. In fact, 45 percent of US citizens claim to dine out multiple times a week, with an additional 20 percent chiming in that they eat at a restaurant at least once a week. In 2019, Americans will spend 12 percent of their incomes on food–and restaurants alone represent 25 percent of the family food dollar. Overall, the restaurant industry will bring in an estimated $863 billion this year, representing 4 percent of the American GDP.
The point is: the population is looking to spend money on dining out. They’re willing to pay, so the question is, how do they choose where to spend their money? This question refers back to our tips on restaurant dining as an experience. It’s not just a meal. It’s not just something to do. Consumers want quality food, creative dishes, friendly service, and a great environment.
Giving that to them? That drums up a lot of other questions, especially since restaurants cite high operating and high food costs as there number one challenges in the restaurant business. How do you navigate creating a great experience within a reasonable budget and then marketing that to the population? That’s exactly what a restaurant consultant does! Contact National Restaurant Consultants today.
All stats acquired via this Toast round-up.
Photo by Rod Long on Unsplash