Sales at restaurants and bars overtook spending at grocery stores in March for the first time ever, according to Commerce Department data released Tuesday that dates to 1992.
YES you heard that right- Consumers Are Spending More Money On Eating Out Than At The Grocery Store
There Couldn’t Be A Better Time To Be Restaurant Owner Then “Right Now.”
If you’ve been thinking about taking the plunge this, current data can only help turn your dream into a reality!
Restaurants have become an important part of our daily lifestyle.
The National Restaurant Association says takeout, drive-through and other quick and easy meals are driving growth for the industry.
There are so many options that it is common for people to eat at least one meal out every day. More and more, people are making the choice to eat outside the home rather than being involved the food preparation process, especially at dinnertime.
Whom are the consumers creating this shift in eating out?
Eating out vs. groceries, millennials vs. boomers
18 to 28 years old are going out more often, and restaurants are stepping up catering to their likes and dislikes. Millennials represent 23 percent of total restaurant spending according to the market research firm NPD Group.
At the same time, baby boomers have the means and the time to enjoy eating meals that someone else prepares for them. NPD Group says many restaurant operators aren’t paying enough attention to this group. They are a potential segment of consumers to go after!
They don’t have the kids to worry about anymore. As a result, they have “a new-found freedom” and extra money to spend.
Whoever is eating out, young or old, restaurants are becoming an increasingly important sector of our economy.
Food industry research firm Technomic crunched the numbers to find the fastest-growing chains in full-service and limited-service dining, as measured by increases in U.S. sales last year among chains with more than $200 million in U.S. sales.
Take a look at these fastest growing restaurants, get ideas for your cuisine and restaurant concept. Seeing what franchises are doing to meet consumer demands is a good indication of what you should be doing and a good place to start your research.
The fact that people are going out to eat more and spending less on groceries and eating less and less at home is a sign being an owner of a restaurant can be a great career and opportunity now and in the future…
If you are serious about becoming a restaurant owner and DON’T Know Where to Start-Start Here.
There Couldn’t Be A Better Time To Be Restaurant Owner Then “Right Now”