3 Predictions for the Food Service Industry
The restaurant business is often considered risky to invest in, but with the right combination of great food, a fun environment, and some entertainment, success is achievable. This is why locals continue to frequent our establishment, helping us become part of a growing trend of food service success. According to The National Restaurant Association, the food service industry was predicted to reach $997 billion in sales last year. Let’s look at three other predictions and statistics for our industry.
1. Growth Will Continue
It’s estimated that the restaurant and food service industry will continue to grow in 2024. The sales forecast for this industry is predicted to top $1 trillion for the first time. Food service is the country’s second-largest private-sector employer. This industry is on track to add 200,000 jobs, which will bring the total to 15.7 million people employed. These statistics are provided by the National Restaurant Association, the largest food service trade association in the world.
2. Technology Will Increase
Although the art of preparation and service is as old as humanity, technology now plays a bigger role in the food service industry. Enhanced technology is being used to reduce labor challenges, cut costs, and increase business more rapidly. When tech solutions are applied to marketing, recruiting, accounting, and inventory aspects of food service, systems and processes can be streamlined, and service can be improved across the board.
This doesn’t mean that tech is replacing human contact in food service as consumers continue to express the importance of human-to-human service when it comes to their food. The complete food experience is about more than just efficiency; it’s also about the hospitality and culinary experience that only humans can provide. People will continue to be a huge factor in the restaurant industry.
3. The Future Remains Bright
Recent studies have discovered several key findings in the food industry. Sales are up, restaurants are actively hiring, competition is strong, and consumers are more value-conscious than ever. Despite inflation and other economic challenges, consumers still love restaurants and will find ways to prioritize at least the occasional dining-out experience in their budgets.
These are just a few facts and predictions about the food service industry today. If you’re looking for a great dining experience, stop by to visit Kingpin Social at Maple Lanes soon. We look forward to serving you.