Foodservice
State of the Foodservice Industry
The foodservice industry in the United States is in the midst of its rebound at the end of Q1 2023. As it works through a vastly different landscape than prior the pandemic, the unusual economic conditions are making consumers more apprehensive to spend and operators more pessimistic about their future.
IFPA's Promise To Our Community
To provide industry support and information for issues we all deeply care about.
Consumer response
to high menu prices:
- 53% cook at home more often
- 41% visit restaurant less frequently
- 38% seek more deals
- 32% trade down to less expensive restaurant
5 Factors Facing Foodservice
Unusual Economy
- Job growth & labor participation grew
- Inflation is slowing
- Consumer spending continues
Recovery Mode
- Indexing higher than 2019 sales
- Same stores sales normalizing
Weary Operators
- Concerns about food costs, disposables & labor
- Wages increasing at a slower pace
Menu Pricing
- Average check at limited service passed $10
- Restaurant prices rising faster than groceries at home
Trends to Watch
- Convenience in getting food
- Climate friendly food
- Breakfast as dinner
- Dashboard dining
Questions?
We are here to help provide context for you business decisions.
