Summary
- • Approximately 60% of restaurants close within the first year of operation.
- • The global restaurant industry is expected to reach a value of $4.2 trillion by 2023.
- • On average, restaurants in the United States experience a profit margin of around 6%.
- • Millennials dine out at restaurants an average of 3.4 times per week, higher than any other age group.
- • The most popular type of restaurant cuisine in the United States is Italian, followed by Mexican and Chinese.
- • Over 50% of diners say they would be more likely to visit a restaurant that offers sustainable food options.
- • The average restaurant meal in the United States costs around $12.75 per person.
- • In 2020, online food delivery revenue in the United States amounted to $26.5 billion.
- • Roughly 76% of diners are likely to read reviews before choosing a restaurant.
- • Fast-casual dining is currently the fastest-growing segment in the restaurant industry.
- • Around 80% of restaurant failures occur because of cash flow problems.
- • The average American spends around $3,365 on dining out each year.
- • Vegan and vegetarian menu items have increased by 500% on U.S. menus since 2014.
- • Over 50% of consumers say they would pay more for a meal that was locally sourced.
- • It is estimated that the restaurant industry employs over 15 million people in the United States.
Hungry for some mouth-watering facts? Did you know that approximately 60% of restaurants close within the first year, but fear not, the global restaurant industry is still set to reach a value of $4.2 trillion by 2023! Millennials are leading the charge, dining out an average of 3.4 times per week, while over 50% of diners are all about that sustainable food life. Dive into the delicious details like the most popular cuisines, the rise of fast-casual dining, and why over 76% of diners are glued to reviews before picking their next foodie destination. So grab a fork, and lets dig into the enticing world of dining out!
Consumer Dining Preferences
- Millennials dine out at restaurants an average of 3.4 times per week, higher than any other age group.
- The most popular type of restaurant cuisine in the United States is Italian, followed by Mexican and Chinese.
- Over 50% of diners say they would be more likely to visit a restaurant that offers sustainable food options.
- The average restaurant meal in the United States costs around $12.75 per person.
- In 2020, online food delivery revenue in the United States amounted to $26.5 billion.
- Roughly 76% of diners are likely to read reviews before choosing a restaurant.
- Fast-casual dining is currently the fastest-growing segment in the restaurant industry.
- The average American spends around $3,365 on dining out each year.
- Vegan and vegetarian menu items have increased by 500% on U.S. menus since 2014.
- Over 50% of consumers say they would pay more for a meal that was locally sourced.
- The majority of restaurant sales come from dine-in customers, accounting for about 52% of revenue.
- Food waste in restaurants accounts for about 11.4 million tons of food each year in the United States.
- The average tip at a restaurant in the United States is about 16%.
- Food delivery apps have seen a 25% increase in usage since 2019, with more people opting for convenience.
- The average restaurant check size in the United States is $20.36.
- Over 90% of diners are likely to return to a restaurant if their issue is resolved quickly and effectively.
- Roughly 79% of customers trust online reviews as much as personal recommendations.
- Statistic: The average American eats out 4.2 times each week.
- Restaurants with a digital presence see a 20% increase in revenue compared to those without.
- Around 62% of diners are likely to use their mobile phone to look up restaurant information.
- In 2020, online reservations increased by 84% as customers preferred contactless dining options.
- Fast food restaurants account for 50% of all restaurant traffic in the United States.
- The average wait time for a table at a restaurant in the U.S. is 10-15 minutes.
- An estimated 43% of consumers say they would pay more for authentic menu items at a restaurant.
- Food and drink sales account for 79% of total restaurant revenue in the United States.
- Around 47% of consumers choose a restaurant based on the availability of healthy menu options.
- The average time spent dining out in a restaurant is 1-2 hours.
- Over 70% of restaurateurs believe that technology improves business efficiency and customer service.
- Approximately 40% of restaurant sales occur on the weekend.
- Over 80% of consumers are influenced by discounts and promotions when choosing a restaurant.
- The majority of diners (about 70%) prefer to see pictures of the dishes on a restaurant's menu.
- Over 60% of consumers prefer restaurants that offer online ordering and delivery options.
- An estimated 79% of restaurant owners believe that technology is essential for future success.
- Food delivery orders from restaurants increased by 422% in 2020 compared to 2019.
- Over 70% of consumers trust a restaurant more if they have positive online reviews.
- The average order value for delivery or takeout orders is 23% higher than dine-in orders.
- Around 65% of consumers say that cleanliness and hygiene are the most important factors when choosing a restaurant.
- Quick-service restaurants account for over 70% of total restaurant units in the United States.
- Approximately 73% of diners say they are more likely to choose a restaurant that offers online reservations.
- Online reservations at restaurants increased by 40% in 2020 due to changing consumer behavior.
- Around 48% of consumers are willing to wait longer for a meal if it is prepared fresh at a restaurant.
- The average American spends about $2,900 on restaurant food annually.
- 33% of consumers are likely to choose a restaurant based on its social media presence.
- The percentage of restaurant sales attributed to breakfast has increased by 5% over the past five years.
- The average cost of a three-course meal for two in a mid-range restaurant in the U.S. is $50.
- 78% of restaurant operators believe that technology can help them enhance customer service.
- Dining out accounts for about 44% of food spending in the United States.
- Locally sourced and farm-to-table menu items have increased by 233% in the past decade.
- The top five busiest days for restaurant dining in the U.S. are Valentine's Day, Mother's Day, Father's Day, Thanksgiving, and Christmas Day.
- Around 42% of consumers prefer making reservations through a restaurant's website or app.
- On average, a fast-food drive-thru order is completed in 3 minutes and 54 seconds.
- Over 70% of consumers say they would go to a restaurant on their birthday if offered a special deal or discount.
Interpretation
In a world where dining out has become a way of life for many, the restaurant industry's statistics serve up a flavorful glimpse into our evolving culinary landscape. From Millennials leading the charge with their insatiable appetite for restaurant experiences to the rise of sustainable dining options enticing over half of diners, it's clear that our palates are craving not just delicious food, but also a side of ethics and convenience. As technology continues to revolutionize the way we dine, from online reservations surging by 84% to food delivery orders skyrocketing by 422%, it seems that the digital menu is here to stay. So, whether you're a fast-casual aficionado or a fine-dining connoisseur, one thing is certain – the restaurant industry is serving up a buffet of trends that cater to our ever-changing tastes and preferences. Cheers to a future where good food, good service, and good technology converge to create the ultimate dining experience.
Global Restaurant Industry Growth
- The global restaurant industry is expected to reach a value of $4.2 trillion by 2023.
- McDonald's is the largest restaurant chain in the world by revenue, with over $40 billion in annual sales.
- Breakfast and brunch sales at restaurants have grown by 33% from 2017 to 2021.
- The global online food delivery market is expected to reach $154.34 billion by 2023.
- Fast-casual restaurants have grown at a rate of 500% since 1999.
- Online reservations at restaurants have increased by 20% per year.
- Food truck industry revenue in the U.S. has grown by 7.9% annually since 2015.
Interpretation
The statistics paint a vivid picture of the ever-evolving landscape of the restaurant industry, where trends shift faster than a soufflé in the oven. From the staggering $4.2 trillion global industry valuation to the meteoric rise of breakfast and brunch sales, it’s clear that dining habits are as dynamic as a flambé. With online food delivery set to hit a jaw-dropping $154.34 billion and fast-casual restaurants sprouting like mushrooms after the rain, it’s a veritable feast for both consumers and investors alike. So whether you’re savoring the golden arches’ $40 billion empire or enjoying the convenience of booking online reservations, one thing’s for sure – the only thing constant in the fickle world of dining is change.
Restaurant Closure Rates
- Approximately 60% of restaurants close within the first year of operation.
- Around 80% of restaurant failures occur because of cash flow problems.
- The average restaurant profit before taxes is typically around 6-8% of total revenue.
- Restaurant visits decreased by 27 billion in 2020 due to the impact of the COVID-19 pandemic.
- Restaurants typically operate with a net profit margin of around 3-5%.
- The average restaurant staff turnover rate is 73% in the U.S.
Interpretation
In the tumultuous world of restaurants, where culinary dreams meet cold hard reality, statistics paint a stark picture of fragility and resilience in equal measure. With the grim reaper lurking at the door for 60% of newbie establishments within their first year, cash flow emerges as the harbinger of doom for 80% of casualties. Yet amidst this grim landscape, survivors trudge on, scraping meager profits of 6-8% before taxes, only to face the cataclysmic blow of the COVID-19 pandemic, which devoured 27 billion restaurant visits in 2020. And as if the industry weren't tough enough, the revolving door of staff turnover spins relentlessly, with a mind-boggling 73% rate in the U.S. Indeed, the restaurant business is a high-stakes game where only the most daring and resilient can hope to savor the sweet taste of success.
Restaurant Industry Economic Contribution
- On average, restaurants in the United States experience a profit margin of around 6%.
- It is estimated that the restaurant industry employs over 15 million people in the United States.
- The restaurant industry is the nation’s second-largest private-sector employer.
- The restaurant industry saw a $240 billion decline in sales in 2020 due to the effects of the pandemic.
- The cost of opening a new restaurant in the United States can range from $175,000 to $750,000.
- The average profit margin for a full-service restaurant is between 3% and 5%.
- In 2019, the restaurant industry contributed $2.6 trillion to the United States' GDP.
- The average profit margin for a fast-food restaurant is around 6-9%.
- The restaurant industry generates $899 billion in food and drink sales annually in the United States.
- The percentage of revenue spent on labor costs in a restaurant is typically 25-35%.
- In 2019, restaurant industry employment reached over 12 million people in the United States.
- The top 500 restaurant chains in the U.S. generate over $300 billion in annual sales.
- Restaurants contribute to over 14 million jobs in the United States, accounting for 10% of total employment.
- The total U.S. sales for the restaurant industry are projected to reach $1.2 trillion in 2021.
- The restaurant industry contributes $2.5 trillion to the global economy annually.
Interpretation
In a world where profit margins are as fickle as a soufflé in a power outage, the restaurant industry in the United States is a culinary juggernaut, employing over 15 million individuals and gobbling up the title of the nation's second-largest private-sector employer. However, even the most seasoned restaurateurs couldn't stomach the bitter taste of a $240 billion decline in sales caused by the pandemic, leaving many establishments feeling as financially drained as a bottomless mimosa brunch. With the cost of opening a new restaurant ranging from a modest $175,000 to a gourmet $750,000, and profit margins fluctuating faster than a freshly flipped pancake, one thing is certain - the restaurant industry is a high-stakes game where success is as tantalizing as a perfectly executed dish and failure is a cold plate of leftovers.
