In 2023, American restaurant sales are projected to recover to about 75% of pre-pandemic levels. Profit margins are under pressure, with full-service restaurants stabilizing at 10.6%, and large restaurants at approximately 13%.
The main pressure on restaurant operations is from rising material costs, with 54% of restaurant owners mentioning this issue. To cope with the increase in food costs, 53% of restaurants have raised menu prices, with an average price increase of 15%.
The restaurant industry is facing a labor shortage, with 97% of restaurants short at least one employee. In response, 59% of restaurants are offering higher wages to attract new employees, and close to half of the restaurants are providing professional development opportunities.
Forty percent of restaurants are searching for cheaper food suppliers, and 32% of restaurants are choosing to use inexpensive ingredients to replace expensive ones.
Ninety-seven percent of restaurants use delivery platforms, with most restaurants using three platforms simultaneously.
Seventy-six percent of operators have changed their POS systems, and 66% of restaurants are using payment systems with integrated functions.
Facebook is the most popular social media platform among restaurant owners, accounting for 61% of them, followed by TikTok at 40%.
Reservation services have resumed, with 76% of restaurants providing this service, and 81% of them using online reservation systems.
Finding effective solutions is certainly not easy, but the painful experiences of the past few years in the catering industry tell us that even in difficult times, diligent restaurant workers can still find a way to prosper.