Key Takeaways
- In 2023, the U.S. restaurant industry generated total sales of $1.1 trillion, representing 4% of the nation's GDP.
- Global restaurant market size was valued at $3.36 trillion in 2022 and is projected to grow to $5.43 trillion by 2030 at a CAGR of 6.2%.
- Fast food segment accounted for 42.5% of global restaurant revenue in 2023.
- The U.S. restaurant industry employed 15.9 million people in 2023, accounting for one in 10 jobs nationwide.
- Restaurants added 200,000 jobs in the U.S. in 2023, with a total workforce growth of 1.2%.
- Average hourly wage for restaurant workers in U.S. rose to $17.50 in 2023.
- 57% of U.S. adults dined out at least once a week in 2023.
- 65% of consumers ordered delivery or takeout monthly in 2023.
- Millennials spent 44% of food budget on restaurants in 2023.
- Food costs represented 28-35% of total expenses for U.S. restaurants in 2023.
- Labor costs averaged 30-35% of sales in full-service restaurants 2023.
- Utilities expenses rose 15% YoY to average $2,500/month per unit in 2023.
- 45% of restaurants adopted AI inventory management in 2023.
- Contactless payments adopted by 89% of restaurants in 2023.
- Ghost kitchens grew to 60,000 units globally by 2023.
The restaurant industry is feeding the economy while navigating rising costs and tech-driven changes.
Consumer Behavior
- 57% of U.S. adults dined out at least once a week in 2023.
- 65% of consumers ordered delivery or takeout monthly in 2023.
- Millennials spent 44% of food budget on restaurants in 2023.
- 72% of diners used mobile apps for reservations in 2023.
- Plant-based menu items ordered by 41% of consumers in 2023.
- Average frequency of fast-food visits was 4.5 times per week in 2023.
- 55% of Gen Z prioritized sustainability in restaurant choices 2023.
- 38% of consumers tipped 20% or more in 2023.
- Online reviews influenced 88% of restaurant selections in 2023.
- 49% of diners sought local/seasonal ingredients in 2023.
- Alcohol sales from dining occasions rose 9% in 2023.
- 62% of families with kids dined out weekly in 2023.
- Health-conscious meals chosen by 67% at least sometimes in 2023.
- 75% of consumers valued speed of service in QSR 2023.
- Loyalty programs used by 58% of frequent diners in 2023.
- 46% avoided restaurants without contactless payment in 2023.
- Vegetarian options influenced 34% of menu decisions 2023.
- Weekend brunch attendance up 12% among urban diners 2023.
- 70% of diners shared meals on social media in 2023.
- Average wait time tolerance was 15 minutes in 2023.
Consumer Behavior Interpretation
Employment Statistics
- The U.S. restaurant industry employed 15.9 million people in 2023, accounting for one in 10 jobs nationwide.
- Restaurants added 200,000 jobs in the U.S. in 2023, with a total workforce growth of 1.2%.
- Average hourly wage for restaurant workers in U.S. rose to $17.50 in 2023.
- 40% of U.S. restaurant employees were part-time in 2023.
- Turnover rate in full-service restaurants averaged 73% in 2023.
- Women comprised 52% of the U.S. restaurant workforce in 2023.
- Bartenders earned average annual wage of $32,000 in U.S. restaurants in 2023.
- 6.5 million U.S. restaurant jobs were in quick-service establishments in 2023.
- Chefs and head cooks median wage was $56,520 annually in 2023.
- 25% of restaurant managers had bachelor's degrees in 2023 survey.
- U.S. restaurant industry labor costs rose 8.5% YoY in 2023.
- Servers made up 15% of total restaurant employment in U.S. 2023.
- Immigrant workers filled 22% of U.S. restaurant jobs in 2023.
- Hourly food prep workers averaged $15.20 wage in 2023.
- 1.2 million restaurant jobs opened monthly average in U.S. 2023.
- Hosts/hostesses employment grew 5% to 450,000 in 2023.
- Dishwashers numbered 500,000 with $14.50 avg wage in 2023.
- 35% of restaurant workers aged 16-24 in U.S. 2023.
- Training hours per new hire averaged 40 in full-service in 2023.
- 68% of operators reported hiring difficulties in 2023.
Employment Statistics Interpretation
Financial Performance
- In 2023, the U.S. restaurant industry generated total sales of $1.1 trillion, representing 4% of the nation's GDP.
- Global restaurant market size was valued at $3.36 trillion in 2022 and is projected to grow to $5.43 trillion by 2030 at a CAGR of 6.2%.
- Fast food segment accounted for 42.5% of global restaurant revenue in 2023.
- U.S. full-service restaurants saw average annual sales per unit of $1.8 million in 2022.
- Restaurant industry profit margins averaged 3-5% in 2023, down from 6% pre-pandemic.
- Online food delivery sales reached $300 billion globally in 2023, up 12% YoY.
- U.S. limited-service restaurants generated $389 billion in revenue in 2023.
- Average check size in U.S. casual dining rose 7% to $25.50 in 2023.
- Restaurant industry debt levels increased by 15% in 2023 due to expansion.
- Fine dining segment revenue grew 8.2% YoY to $120 billion in 2023 globally.
- U.S. restaurant industry sales per capita reached $3,250 in 2023.
- Quick-service restaurants (QSR) held 37% market share in U.S. in 2023.
- Europe restaurant market valued at $1.2 trillion in 2023.
- U.S. bar and tavern sales hit $42 billion in 2023.
- Restaurant franchising accounted for 60% of industry units in 2023.
- Asia-Pacific restaurant market grew at 7.5% CAGR from 2018-2023.
- U.S. restaurant EBITDA margins averaged 12.5% for top performers in 2023.
- Ghost kitchens generated $10 billion in U.S. sales in 2023.
- Latin America restaurant sales reached $250 billion in 2023.
- U.S. independent restaurants sales totaled $400 billion in 2023.
Financial Performance Interpretation
Industry Trends
- 45% of restaurants adopted AI inventory management in 2023.
- Contactless payments adopted by 89% of restaurants in 2023.
- Ghost kitchens grew to 60,000 units globally by 2023.
- Sustainability initiatives implemented by 78% of chains in 2023.
- QR code menus used by 85% post-pandemic in 2023.
- Plant-based offerings up 28% on menus in 2023.
- Voice ordering tech piloted in 15% of QSRs 2023.
- Data analytics tools used by 62% for personalization 2023.
- Robot servers deployed in 5% of casual dining 2023.
- NFT loyalty programs tested by 2% of major chains 2023.
- Zero-waste kitchens adopted by 12% of fine dining 2023.
- AR menu visualization in 8% of upscale restaurants 2023.
- Blockchain for supply chain in 3% of large operators 2023.
- Metaverse dining events hosted by 1% of brands 2023.
- Vertical farming partnerships with 20% of farm-to-table 2023.
- AI pricing optimization used by 22% of independents 2023.
- Wearable tech for staff efficiency in 10% of chains 2023.
- 55% growth in off-premise sales share to 40% total 2023.
Industry Trends Interpretation
Operational Metrics
- Food costs represented 28-35% of total expenses for U.S. restaurants in 2023.
- Labor costs averaged 30-35% of sales in full-service restaurants 2023.
- Utilities expenses rose 15% YoY to average $2,500/month per unit in 2023.
- Inventory turnover ratio for restaurants averaged 4.5 times/year in 2023.
- Average table turn time in casual dining was 45 minutes in 2023.
- POS system usage covered 92% of U.S. restaurants in 2023.
- Kitchen equipment maintenance cost averaged $15,000/year per restaurant 2023.
- Seat occupancy rate averaged 65% during peak hours in 2023.
- Rent expenses took 7-10% of revenue in urban locations 2023.
- Menu item count averaged 45 in QSR and 85 in full-service 2023.
- Energy costs per sq ft were $3.50 in restaurants 2023.
- Supplier delivery frequency was 3 times/week average 2023.
- Cleaning and sanitation costs up 20% post-pandemic to $8,000/month 2023.
- Average utility bill for full-service was $4,200/month in 2023.
- Food waste amounted to 4-10% of purchases in 2023.
- Staff scheduling software used by 70% reducing overtime 15% 2023.
- Insurance premiums rose 18% to average $25,000/year in 2023.
- Peak hour sales accounted for 60% of daily revenue 2023.
Operational Metrics Interpretation
Sources & References
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