Opening and operating a bar and restaurant in today’s competitive climate is challenging.  Although Americans are dinning out more than ever in our nation’s history, running a successful operation in this sector is no easy task.  Here are some interesting statistics to illustrate the state of the bar and restaurant industry:
  •   A whopping 45% of diners go out to eat multiple times a week, with another 20% going out to eat once a week.
  •   The Restaurant Performance Index (RPI) sits at 101.6 as of May 2019. Anything over 100 is considered a time of growth for restaurants.
  •   Projected annual sales in the restaurant industry are $863 billion – that’s 4% of the country’s gross domestic product.
  •   In 1955, the restaurant industry comprised 25% of the family food dollar. In 2019, that number rose to 51%.
  •   American consumers spend 33% of their income on housing, 15.8% on transportation, and 12.6% on food.
  •   51% of restaurant operators name staffing as a top challenge to success, and 35% say training staff is a top challenge.
  •   Turnover in the restaurant industry is at an all time high, at 75%.
  •   Restaurants employ more women and minority managers than any other industry.
  •   It can cost $2000 to hire and train a new staff member.
  •   When it comes to social media, restaurants are most likely to use Facebook (91% of restaurants) and Instagram (78%).
Thinking about opening a bar or restaurant? Be sure to download our guide by clicking here: DOWNLOAD