Restaurant revenues to rise, Conference Board predicts
At Canada's busiest bars and restaurants, drinks and currency, including polymer notes, are virtually always flowing, providing sustenance for parched patrons and fodder for back-office money counter machines. Polls show dining is a preferred pastime for most Canadians, and proof positive are the sales anticipated to heat up over the next several years, a new report suggests.
From 2018 to 2022, restaurant sales are expected to increase by an average of around 1.5 per cent, according to a recent food service industry outlook provided by the Conference Board of Canada. Potentially holding back sales from surging more forcefully, the Conference Board asserted, is a combination of budget-minded consumers aiming to rein in discretionary purchases and grocers' dialing up discounts to win Canadians' dining dollar.
Since the economy is doing better performance wise, the Bank of Canada has raised interest rates to prevent the economy from burning too hot. Additional quarter-per cent hikes are anticipated.
As it stands, restaurant establishments in Canada are faring quite favorably financially. Indeed, pre-tax profits for the industry are poised to hit $1.9 billion in 2018, a forecasted growth rate of 3.4 per cent.
There's always room for improvement, and restaurateurs may want to diversify their menu options to ensure sales traffic - both for wait staff and cash counters - stays solid. With nearly 75 per cent of Canadians say dining out is their favorite indulgence, according to a recent Angus Reid survey, unique spins on comfort foods may be worth implementing to inject new life and flavor profiles into family favorites.
April 26, 2018