44% OF RESTAURANTS ARE ‘QUIETLY OPTIMISTIC’

DESPITE a series of closures in recent months, nearly half of Ireland’s surviving restaurants are ‘quietly optimistic’ about the future, a new survey has found.

The Restaurants Association of Ireland has said that restaurants and cafés are closing at a rate of two per day, in the face of high VAT, mounting staff costs and rising food prices.

However, International online booking provider ResDiary found that 44% of the restaurants it surveyed in Ireland are expecting increased revenue in 2024. Those who foresee an increase are predicting a 18% rise, it said.

Its Beyond The Booking report was responded to by 175 restaurants in the UK and Ireland. It found that 8% of Irish respondents had opened a new venue in 2023, with almost a quarter (24%) considering opening another site this year. A total of 12% closed a venue last year.

The report also questioned 595 diners and found that 61% of people in Ireland dined out more in 2023 than in 2022 – and 45% expect to eat out more often this year.

It also noted that 72% of restaurants here were affected by the scourge of no-shows in 2023, with the average loss across the year amounting to €5,271 per venue.

ResDiary chief Colin Winning said: ‘The latest report makes for exciting reading for Ireland, as operators appear to be quietly optimistic about the future, after a tough few years.

‘It shows things are looking positive for restaurant owners and operators across Ireland,’ he added.

‘The report should be a real shot in the arm for the industry. There have been many stories suggesting our sector is on its knees but the results paint a different picture.’