Top Restaurant Revenue Statistics Every Restaurateur Should Know

The Pre-pandemic State of the U.S. Restaurant Industry

The restaurant industry in the U.S. grew 3.6% in 2019, and recorded total restaurant sales worth $863 billion, according to data released by the National Restaurant Association (NRN). The association had predicted a further growth rate of 4%, which would have taken the sales figures of the restaurant sector in the United States to $899 billion in 2020.

According to NRN, the 2019 State of the Industry report found that restaurant operators were investing more in acquiring technological resources to boost business and customer service. Among surveyed restaurant operators, 70% quick service businesses had plans to invest more in technology solutions. Among fast casual restaurants, 62% felt the need to invest in these technologies. However, the Covid-19 pandemic hit everyone hard and many of these plans were set back.

The actual growth rate went south by the end of 2019 when the virus was first detected in China. The restaurant sales figures then plummeted to $659 billion by the end of 2020. This was when the U.S. was being ravaged by the Covid-19 pandemic, leading thousands of restaurant owners to shut shop. The pandemic has had a devastating effect on the restaurant industry. Many restaurants were forced to close their doors due to decreased customer demand and government restrictions. This led to millions of Americans losing their jobs and created an uncertain future for the industry as a whole.

Post-pandemic Prospects For the U.S. Restaurant Industry

U.S. restaurants are looking at a difficult road to recovery in the wake of the Covid-19 pandemic. The restaurant industry has been hit hard by shutdowns and lockdown restrictions, with sales falling by as much as 70%. More than 110,000 restaurants have been forced to shut down permanently. From the labor crisis to supply chain disruptions and inflation, the setbacks have been many. However, there are some bright spots on the horizon.

Sales are starting to rebound as more states relax restrictions and diners return to eateries. Online ordering and delivery services became popular during the pandemic and are expected to continue to grow, post-pandemic. According to the restaurant association, in 2022 the foodservice industry is expected to see $898 billion in restaurant sales, almost the same figures NRN had predicted before the pandemic hit in 2019. This is a $99 billion hike over the previous year's figures, and $220 billion in Total Revenue over the setback of 2020. An important point to note here is that these figures have been achieved with 110,000 fewer restaurant establishments. With rising restaurant sales, the total employment figures are also expected to go up to 15 million jobs in 2022.

Top Restaurant Revenue Statistics of 2022

Restaurant revenue is the money a business generates, but it's different from profits. A restaurant's profit margin is what restaurant operators are left with after settling overhead costs, labor costs, cost of supplies, and other operating expenses. Here's a look at how the revenue statistics for 2022 currently stand-

1. According to the National Restaurant Association, the U.S. foodservice business is predicted to see restaurant sales rising to $898 billion. Another report by Lunchbox has found that restaurant sales can inch up further by 14% if restaurants offer different types of payment options for customer convenience.
   
2. The U.S. limited service restaurant segment generated $339 billion in revenue for the year 2021, while the full service sector generated $255 billion, according to the National Restaurant Association.
   
3. The National Restaurant Association has also said that menu prices have gone up by 4% through 2021.
   
4. In the meanwhile, a report by Restaurant Dive has found that the projected sales of dining places went up from $548 billion in 2020 to $609 billion in 2021.

Top Restaurant Industry Franchising Statistics of 2022

Franchising is central to a restaurant's plans for expansion. More franchises automatically lead to more revenue and higher profits. Here's a roundup of recent restaurant franchising statistics-

1. Frankart Global says every year over 300 restaurant brands start franchising in the United States. Over the past three years, a majority of the top 200 restaurants with franchise outlets in the U.S. have gone global with their business.
   
2. In the U.S., a new restaurant franchise opens every eight minutes over the course of a business day. There are over 750,000 active franchises in the country.
   
3. Over 80% of all franchises are local brands, while only 16% have made it outside the country and expanded on a global scale.
   
4. Restaurant franchises employ over 1,644,100 people across the United States and are likely to generate more employment, with increased revenue and expansion plans in the coming years.
   

Top Restaurant Industry Tech Statistics of 2022

The Covid pandemic has set the ball rolling for phenomenal growth in the use of technology solutions in the restaurant industry. From online ordering and food delivery apps, to restaurant management solutions, both large and small businesses are now focusing on technological innovations to streamline business operations Using Data. Here's a look at some of the top industry statistics on restaurant tech-

1. According to a Toast survey, 95% of restaurant operators feel technology solutions for restaurant management improves their overall efficiency.
   
2. A survey by Upserve found that 49% of restaurant owners believe mobile payment and other digital payment solutions are becoming a must-have for all restaurant businesses.
   
3. Large restaurant chains and enterprises are increasingly feeling the need for automated supply chain and restaurant management software that streamlines business operations and reduces expenses. A Hubspot study has found that these restaurant chains can save up to $2 million with automated supply chain and integrated systems for business management.
   
4. According to Deloitte, at least 30% of restaurant customers say new tech solutions and payment options have made them more likely to opt for online ordering and food delivery services.
   

Top Trends Shaping the Restaurant Industry

The restaurant industry has been evolving rapidly in recent years with consumer preferences and spending habits changing more frequently than ever. And with the rise of new technologies, the way restaurant businesses operate is also changing. Here are some of the top trends that are shaping the restaurant industry-

1. Online ordering and food delivery- Thanks to apps like Uber Eats and Grubhub, it's now easier than ever for consumers to get their favorite foods delivered right at their doorstep. And as more people are working from home and spending less time cooking, the demand for food delivery and takeout services is only increasing.

2. Ghost kitchens- Ghost kitchens are commercial kitchens that prepare food exclusively for delivery or takeout orders without a dine-in option. These are becoming increasingly popular, as they allow restaurants to focus solely on takeaway orders without having to invest in a brick-and-mortar location.

3. Healthy eating- Consumers are becoming more health-conscious and they're beginning to demand healthier options from restaurants. This is why we're seeing more plant-based proteins, salads, and grain bowls on menus across the country.

4. Technology- Technology is changing the way restaurants operate. Customers are accustomed to using tools like Yelp and Google Maps to find nearby eateries and read reviews before going out to eat. Restaurants, on the other hand, have made online ordering systems, kitchen automation devices, and point-of-sale systems integral to their operations. Tech innovations will continue to play a dominant role in the future of the restaurant industry, with robotics and drone delivery on the cards.

Top 3 Restaurant Management Software for the Industry

1. Plum POS
Plum POS is an all-in-one restaurant management software that works as a point-of-sale system, order management dashboard, and inventory management tool. Plum POS has in-built tools for restaurants to manage their daily business processes, such as invoicing, order tracking, payment processing, and employee scheduling. The cloud-based restaurant POS makes these processes fast and streamlined. While restaurant owners can keep track of all employee movement, inventory usage, and sales progress on a real-time basis, employees can use the same POS system to communicate, manage orders, weekly shifts, payroll, etc. Plum POS software can also be integrated with other third-party solutions, like restaurant accounting software.

2. Toast POS
Toast POS is a cloud-based POS software that has been specially designed for restaurant businesses and food service establishments that want to manage their operations in a smooth and efficient manner. The Toast POS system offers essential tools such as contactless payment processing, customer loyalty programs, online ordering, and food delivery solutions. The POS system also generates reports and analytics that assist restaurant operators with smart and quick decision-making and business management. One can get real-time updates and sales reports, inventory reports, and so on, on their mobile screens from any location using the Toast POS system.


3. Square for Restaurants
The Square for Restaurants POS system is an all-around restaurant management software that has specially designed solutions for quick service, full service restaurants, ghost kitchens, bars, and breweries. With Square, restaurant operators can customize menus, make adjustments to the floor plan and changes to the menu in real-time, and manage online ordering and floor orders with the same ease. One can keep track of sales, inventory and revenue generation in real-time or periodically, as per their need with Square's in-built reporting and analytics tools.