USA | Recently, the National Restaurant Association released its annual State of the Restaurant Industry Report with new data, trends and forecasts that reinforce the cautious optimism of Texas restaurants. Among the findings, the National Restaurant Association estimated that restaurant sales will set a record-breaking USD $1.1 trillion by the end of 2024. Fuelling this growth will be a workforce of over 15.7 million people, or one in 10 jobs in America, with over 1.4 million Texas restaurant employees and counting.
Key findings in the report indicated that restaurants are expected to add 200,000 jobs in 2024. By 2030, Texas’ share of restaurant jobs is expected to exceed 1.66 million.
Nearly eight in 10 restaurant operators nationwide predict their sales will increase (33 percent) or hold steady (45 percent) this year.
Off-premises dining has continued to be incredibly popular. The report found that 67 percent of millennials and 63 percent of Gen Z adults said that ordering restaurant takeout is an essential part of their lifestyle.
Sixty percent of restaurant operators nationwide have planned to make technology investments in 2024 to enhance the customer experience. This trend has continued to ripple the national market.
Customers signalled to be flexible in order to maximise value. Of those surveyed, 85 percent reported that they are more flexible about when they dine if they receive a deal, and 75 percent reported that they will opt for smaller portion sizes for a reduced price.
At the same time, the report confirmed that economic challenges continue to impact Texas restaurants. Only 27 percent of restaurant operators nationwide expect to be more profitable in 2024.
For Texas restaurants, elevated food, labour, credit card processing, and other overhead costs continue to squeeze profitability, particularly since menu price increases reduce customer traffic. For example, average food prices remain 25 percent above their pre-pandemic levels.
To aid these challenges, the Texas Restaurant Association has bolstered its member benefits, education, training resources and public policy improvements to help restaurants reduce costs, maximise efficiencies and provide a terrific experience to their customers and employees, regardless of the economic environment.
“As the 2024 State of the Restaurant Industry Report highlights, restaurants are resilient,” Emily Williams Knight Ed.D., president and CEO of the Texas Restaurant Association, said.
“With this data, the strength of our local economy and the invaluable resources of the TRA, Texas has a unique opportunity to continue to lead nationwide restaurant growth.”
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