Key Takeaways
- In 2023, U.S. restaurant industry sales totaled $1.1 trillion, representing a 7.5% increase from 2022 and accounting for 4% of the nation's gross domestic product.
- The global restaurant market size was valued at $3.36 trillion in 2023 and is projected to reach $5.12 trillion by 2030, growing at a CAGR of 6.2%.
- Full-service restaurants in the U.S. generated $366.8 billion in revenue in 2023, while limited-service restaurants contributed $389.2 billion.
- 57% of U.S. adults report dining out at least once a week in 2023 surveys.
- Average check size at full-service U.S. restaurants rose to $24.50 in 2023, up 5% from 2022.
- 68% of consumers prefer off-premise options like takeout or delivery post-pandemic in 2023.
- U.S. restaurant industry employs 15.9 million people as of 2023, representing 10% of private sector workforce.
- Average hourly wage for restaurant workers rose to $18.50 in 2023, up 6.2% YoY.
- 60% of restaurant employees are under 35 years old in U.S. 2023 data.
- Food costs average 28% of sales, labor 32% in U.S. restaurants 2023.
- Prime costs (food + labor) target under 65% of sales for profitability.
- Average table turnover time 45 minutes in casual dining 2023.
- 65% of U.S. restaurants adopted contactless payments by 2023.
- Ghost kitchens grew 59% to 40,000 locations globally in 2023.
- 82% of consumers expect mobile ordering options in 2023 surveys.
The restaurant industry is thriving globally with strong sales growth and evolving consumer trends.
Consumer Spending and Habits
- 57% of U.S. adults report dining out at least once a week in 2023 surveys.
- Average check size at full-service U.S. restaurants rose to $24.50 in 2023, up 5% from 2022.
- 68% of consumers prefer off-premise options like takeout or delivery post-pandemic in 2023.
- U.S. millennials dine out 5.6 times per week on average, spending $3,200 annually per capita.
- 42% of Gen Z consumers prioritize sustainability in restaurant choices in 2023.
- Average frequency of fast-food visits among U.S. consumers is 4.8 times per month in 2023.
- 76% of U.S. consumers used delivery apps at least monthly in 2023.
- Hispanic consumers in U.S. spend 28% more on dining out than average, $4,100 annually in 2023.
- 55% of consumers seek value deals or discounts when dining out in 2023 surveys.
- Boomers (55+) represent 28% of restaurant visits but 35% of spending in 2023.
- 62% of parents with children under 12 dine out weekly for family meals in 2023.
- Urban consumers dine out 7.2 times per month vs. rural 4.1 times in U.S. 2023 data.
- 49% of consumers tried a new restaurant due to social media influence in 2023.
- Average annual spend on coffee shops per U.S. consumer is $1,200 in 2023.
- 71% of consumers order alcohol with meals at full-service spots 2.3 times monthly.
- Women account for 54% of restaurant visits but 48% of total spend in 2023 U.S.
- 38% of consumers avoid restaurants with long wait times, preferring reservations.
- Health-conscious eaters opt for low-calorie options 67% of the time in 2023.
- 52% of high-income households ($100k+) dine fine 1.8 times monthly in 2023.
- Delivery orders average $35.60 per transaction in U.S. restaurants 2023.
- 64% of consumers loyal to chains cite consistency in quality and price.
- Weekend dining peaks at 45% of weekly visits for U.S. consumers in 2023.
- 29% increase in plant-based meal orders among vegans/vegetarians in 2023.
- Solo diners rose to 22% of visits, up from 18% pre-2020 in 2023.
- 73% of consumers check online reviews before dining in 2023.
Consumer Spending and Habits Interpretation
Employment and Labor
- U.S. restaurant industry employs 15.9 million people as of 2023, representing 10% of private sector workforce.
- Average hourly wage for restaurant workers rose to $18.50 in 2023, up 6.2% YoY.
- 60% of restaurant employees are under 35 years old in U.S. 2023 data.
- Turnover rate in restaurants averaged 73% in 2023, highest in quick-service at 112%.
- Women comprise 54% of the U.S. restaurant workforce in 2023.
- 1.2 million restaurant jobs added since low point of pandemic by 2023.
- Servers earn median $14.20/hour including tips in 2023 BLS data.
- 45% of restaurants report staffing shortages as top challenge in 2023 surveys.
- Hispanic workers make up 28% of restaurant employees in U.S. 2023.
- Cooks and chefs average $17.80/hour, with 15% annual openings.
- 32% of operators plan to hire more in 2024, per 2023 forecasts.
- Bartenders median wage $15.40/hour in 2023, 18% job growth projected to 2032.
- 68% of restaurants offer health benefits to full-time staff in 2023.
- Entry-level jobs turnover at 150% annually in fast food 2023.
- 2.4 million seasonal jobs in restaurants during 2023 holidays.
- Managers earn average $62,000 annually in U.S. restaurants 2023.
- 22% of workforce is part-time, averaging 25 hours/week in 2023.
- Training hours per new hire average 40 in full-service, 20 in QSR 2023.
- Black/African American workers 12% of industry employment 2023.
- 11% projected job growth for food prep workers 2022-2032.
- 75% of operators raised wages by 5%+ in 2023 to attract talent.
- Dishwashers median $13.50/hour, 16% openings rate 2023.
- 40% of Gen Z entering restaurant careers for flexibility 2023.
- Unionization rate in restaurants under 2% in U.S. 2023.
- Average tenure for servers 1.2 years, managers 4.5 years 2023.
Employment and Labor Interpretation
Market Size and Revenue
- In 2023, U.S. restaurant industry sales totaled $1.1 trillion, representing a 7.5% increase from 2022 and accounting for 4% of the nation's gross domestic product.
- The global restaurant market size was valued at $3.36 trillion in 2023 and is projected to reach $5.12 trillion by 2030, growing at a CAGR of 6.2%.
- Full-service restaurants in the U.S. generated $366.8 billion in revenue in 2023, while limited-service restaurants contributed $389.2 billion.
- U.S. restaurant industry projected sales for 2024 are forecasted at $1.2 trillion, with off-premise dining driving 20% of growth.
- The quick-service restaurant (QSR) segment worldwide was worth $912.5 billion in 2022, expected to grow to $1.6 trillion by 2032 at 5.8% CAGR.
- In 2023, casual dining restaurants in the U.S. saw sales of $285 billion, recovering 92% from pre-pandemic levels.
- Global fine dining market revenue reached $68.4 billion in 2023, with Asia-Pacific holding 42% market share.
- U.S. foodservice market (including restaurants) hit $1.4 trillion in 2023, with restaurants comprising 78%.
- Fast-casual segment in U.S. generated $29.2 billion in 2023 sales, up 8.1% year-over-year.
- Europe restaurant industry revenue stood at €650 billion in 2023, led by Italy and France.
- U.S. restaurant sales per capita reached $3,200 in 2023, compared to $2,950 in 2022.
- Asia-Pacific restaurant market grew to $1.8 trillion in 2023, with China contributing 55%.
- Bar and tavern segment in U.S. sales hit $47 billion in 2023, up 12% from 2022.
- Projected U.S. restaurant industry growth rate for 2025 is 4.2%, driven by menu price increases of 3.8%.
- Global cloud kitchen market, impacting restaurant revenues, valued at $51.96 billion in 2023, to grow at 13.7% CAGR.
- U.S. independent restaurants generated $370 billion in 2023, representing 34% of total industry sales.
- Latin America restaurant market size was $248 billion in 2023, with Brazil at 38% share.
- U.S. family dining segment sales reached $120 billion in 2023.
- Middle East & Africa restaurant industry valued at $145 billion in 2023, growing 7.1% annually.
- U.S. restaurant sales from delivery services accounted for 15% or $165 billion in 2023.
- Global vegan/plant-based restaurant revenue hit $29 billion in 2023.
- U.S. pizzeria sales totaled $47.3 billion in 2023, with independents at 58%.
- Canada restaurant industry sales were CAD 120 billion in 2023.
- U.S. buffet restaurants generated $8.5 billion in 2023 sales.
- Australia restaurant market size reached AUD 25 billion in 2023.
- U.K. restaurant sector turnover was £100 billion in 2023.
- India organized restaurant market valued at INR 5.5 trillion in 2023.
- U.S. seafood restaurant sales hit $14.2 billion in 2023.
- Global steakhouse market revenue was $112 billion in 2023.
- U.S. total restaurant locations numbered 748,000 in 2023.
Market Size and Revenue Interpretation
Operations and Costs
- Food costs average 28% of sales, labor 32% in U.S. restaurants 2023.
- Prime costs (food + labor) target under 65% of sales for profitability.
- Average table turnover time 45 minutes in casual dining 2023.
- Utility costs rose 15% YoY to 4.2% of sales in 2023.
- Inventory waste averages 4-6% of food purchases annually.
- POS system costs average $5,000 initial + $200/month 2023.
- Menu price increases averaged 4.1% in 2023 to offset inflation.
- Break-even point for average restaurant 70-75% capacity occupancy.
- Credit card fees 2.5-3.5% of transactions, $50B industry cost 2023.
- Average rent $45/sq ft for urban restaurants in 2023.
- Kitchen equipment replacement cycle 7-10 years, costing $100k avg.
- Delivery commissions average 15-30% per order to platforms 2023.
- Profit margins average 3-5% for independents, 6-9% chains 2023.
- Overtime labor 8% of payroll in high-volume spots 2023.
- Marketing budget 3-6% of sales recommended, digital 70% 2023.
- Average seat cost to operate $2,500/year in full-service.
- Insurance premiums up 12% to $25k avg annual for mid-size 2023.
- Energy costs per sq ft $3.50/month, LEDs save 25% 2023.
- Vendor markups average 20-30% on food deliveries.
- Closing costs average 2 hours staff time daily, 5% labor waste.
- Loyalty program ROI 15-25% higher repeat visits 2023 data.
- Avg order value up 8% with upselling training 2023.
- Maintenance costs 1-2% of revenue annually.
- 25% of restaurants close within first year due to cash flow.
- AI inventory tools reduce waste by 10-20% in pilots 2023.
Operations and Costs Interpretation
Trends and Technology
- 65% of U.S. restaurants adopted contactless payments by 2023.
- Ghost kitchens grew 59% to 40,000 locations globally in 2023.
- 82% of consumers expect mobile ordering options in 2023 surveys.
- Plant-based menu items up 23% since 2020, 12% in 2023 alone.
- AI chatbots handle 30% of reservations in top chains 2023.
- Sustainability initiatives in 51% of menus, recycling 75% waste.
- QR code menus used by 88% of restaurants post-2023.
- Voice ordering via Alexa/Google up 40% in QSR 2023.
- NFTs/loyalty tokens piloted by 5% upscale restaurants 2023.
- Robotic servers deployed in 1,200 U.S. locations 2023.
- Personalized menus via AI increased sales 11% in tests.
- Zero-waste kitchens in 18% of fine dining 2023.
- Metaverse dining events attended by 2M virtual users 2023.
- Blockchain for supply chain transparency in 12% chains.
- AR menu visualization boosts orders 17% in pilots.
- Hyper-local sourcing on 34% menus, farm-to-table up 15%.
- Self-order kiosks in 45% QSR, reducing labor 20%.
- Data analytics predict demand accuracy 85% in advanced ops.
- Vegan/gluten-free options in 62% casual menus 2023.
- Drone delivery tested by 8 chains, 5-mile radius.
- Wearables for staff track efficiency, 12% productivity gain.
- Crypto payments accepted by 3% urban spots 2023.
- Immersive dining with projections in 150 venues worldwide.
- Predictive maintenance IoT cuts downtime 25%.
- Social commerce drives 22% traffic via TikTok/Instagram.
- 76% restaurants use loyalty apps, retention up 28%.
Trends and Technology Interpretation
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