16 Key Stats from The 2016 NRA’s Restaurant Industry Forecast
The National Restaurant Association’s Industry Forecast is now available. The 68-page report is full of important information about the industry and the ways that we can expect the business to change over the next year. The NRA believes that the industry is in an era of transformation and growth. We’ve pulled the 16 most important stats for you in six of the major areas of change.
Labor Pool Is Shrinking:
1. As of 2014, only 16.6% of the restaurant workforce is 16-19 years old, a decline of 4.3% since 2007.
2. The largest growing age group in the restaurant workforce is 65+. This group is projected to grow by 5.1 million from 2014 to 2024.
Diversity in Leadership on The Rise:
3. Women-owned restaurants rose by 40% between 2007 and 2012, in comparison to a 27% rise in the overall economy.
4. Hispanic-owned restaurants increased by 51% between 2007 and 2012.
5. Black- or African-American-owned restaurants grew by 49% from 2007 to 2012.
Moderate Sales Growth:
6. Sales for restaurants and food services are projected to reach $782.7 billion in 2016, an increase of 5% from 2015.
7. Adjusting for inflation, the NRA projects that sales will increase by 2.1% in 2016.
8. 56% of consumers would rather spend money on an experience such as dining out as opposed to purchasing a product from a store.
Technology Growth Continues:
9. 68% of diners visit a restaurant’s website. Up from 38% in 2005.
10. 65% of diners visit a restaurant’s menu online. Up from 34% in 2005.
11. 36% of consumers use review sites like Yelp or TripAdvisor when choosing a restaurant.
Mobile Gaining Acceptance:
12. 39% of consumers would pay their check with an app, if available.
13. 58% of consumers use mobile devices to look up location, directions, and hours of a restaurant on a monthly basis.
14. 50% of consumers use mobile devices to look up restaurant menus on a monthly basis.
American Foodie 2.0
15. 90% of restaurateurs believe that their guests know more about food than they did previously.
16. 72% of consumers believe that the food available in restaurants provides tastes and flavors that they can’t replicate at home.
As you can see, the restaurant industry is growing and adapting to not only new technology but to the rebounding economy. For the savvy restaurant owner, there is clear sales growth potential in this field. Click here for more information on how SinglePlatform can help your restaurant leverage the digital age to your greatest benefit.