MONEY ON THE MENU
Some promising news from yet another American industry which appears to be doing rather well, thank you. Restaurant and food-service revenues are forecast to top $990 billion by 2021, according to “Restaurants & Foodservice: United States,” a new report released by Freedonia Focus Reports, a market researcher.
“Increases in the population and disposable personal income will drive overall gains in restaurant and food service revenues. Consumers are expected to dine out more often and purchase higher-priced offerings as their incomes rise,” the organization predicts. “Revenues from fast-casual restaurants, the fastest growing service segment, will see gains as millennials obtain higher incomes, supporting sales of higher-priced menu options. Additionally, new restaurant concepts will further drive sales.”
The revenue comes from full- and quick-service restaurants; snack, bakery, and coffee shops; bars; taverns; and buffets and cafeterias.