The National Restaurant Association released its 2024 State of the Restaurant Industry report, which examines key factors impacting the industry. The report is based on analysis and forecasts by the association’s economists, and surveys of restaurant operators and consumers conducted throughout the year.
U.S. restaurant industry sales are forecast to reach a record $1.1 trillion in 2024, according to the report, and the industry is expected to add 1.2 million jobs over the next eight years. There are currently 15.7 million restaurant employees and more than 1 million outlets.
This year’s report finds that operators are relying more on technology to meet challenges, to reduce labor, and to cut costs and boost business. Tech is creating solutions for marketing, recruiting, accounting, inventory management and more. But when it comes to service, consumers continue to crave human hospitality in their culinary experiences.
Key findings include:
- Consumers love restaurants: 9 in 10 adults say they enjoy going to restaurants. Restaurants allow them to enjoy a favorite meal they can’t easily replicate at home.
- Restaurants are hiring: 45% of operators need more employees to meet customer demand.
- Costs are up: 98% of operators say higher labor costs are an issue for their restaurant, while 97% cite higher food costs. 38% say their restaurants were not profitable last year.
- Consumers are value-conscious: Nearly half of consumers are taking a wait-and-see stance when it comes to spending. Operators who offer a solid value proposition for dining out can nudge customers out of their holding pattern.
For more information, visit restaurant.org.
