The restaurant industry is a notoriously difficult industry in which to be successful. Food trends come and go, and what is popular one day might be old hat the next. Rather than try to keep up with trends, it is best for restaurant owners to invest in some great restaurant technology and develop a tasty menu that will stand the test of time.
It seems that some restaurant owners have gotten the memo.
The restaurant industry has been on the uptick these last few years, and it has a bright outlook for 2016 and 2017.
Many factors influence the success of the restaurant industry.
Right now, some of the things positively influencing the industry are decreasing energy costs and rising consumer confidence in the economy in general. People have more money in their pocket, and they feel that they are likely to continue to have more money, so they feel more free to spend it. Eating out doesn’t seem like as much of a luxury as it used to, so people are treating themselves to more meals out.
The economy is projected to continue on its positive upswing, so the restaurant industry is expected to continue to benefit.
By the Numbers
We can measure the health of the restaurant industry by the numbers, looking at sales, visits and other metrics.
The Restaurant Performance Index provides a rating for the health of the restaurant industry, similar to stock indexes. In November, the RPI hit its 29th consecutive month higher than 100. The Current Situation Index was also over 100 for the 21st straight month.
High food and labor costs threaten to temper the success of the restaurant industry, but the long-term outlook remains positive. 2016 and 2017 should both be great years for the restaurant industry from Portland Oregon to Portland Maine.