WASHINGTON, D.C. — The food service industry could reach $997 billion in sales this year, driven partly by higher menu prices, according to the National Restaurant Association.
That prediction was one of the highlights of the National Restaurant Association’s 2023 State of the Restaurant Industry Report, which examined factors affecting the industry, the organization said in a Feb. 28 press release. The organization considered the state of the economy, operations, workforce and menu trends in predicting sales and markets trends for the year ahead.
Other key findings in the report included:
• The food service industry is projected to grow by 500,000 jobs in 2023, for a total work force of 15.5 million by the end of the year.
• Business operations for 70% of restaurant operators have either settled into or are on the path to their new version of normal.
• More than 80% of customers say going out to a restaurant with family and friends is a better way of spending their leisure time than cooking and cleaning up.
• The rising cost of food is a significant issue for 92% of operators.
• Nearly 50% of operators expect their competition to be more intense in 2023 than it was last year.