Although conditions in the restaurant industry have been challenging during the past six years, that hasn’t stopped the nation’s restaurateurs from cooking up a storm in both their kitchens and balance sheets. According to Hospitality Technology, the restaurant industry will experience its fifth consecutive year of sales growth in 2014, highlighting the resiliency and creativity of the sector.
Data from the National Restaurant Association revealed that industry sales are projected to exceed $683 billion this year, an increase of 3.6 percent from 2013’s figures of $659 billion.
In addition to the robust predictions for sales in the restaurant industry, 2014 will also mark the 15th straight year in which employment within the sector has outpaced overall employment trends. At present, the restaurant industry is the nation’s second-largest private-sector area of employment, with approximately 990,000 establishments employing a total of more than 13.5 million workers – almost one-tenth of the nation’s workforce.
According to the Los Angeles Times, technology is playing an increasingly important role in how consumers choose restaurants. Around 20 percent of customers told the National Restaurant Association that technology influences their dining decisions, and several major chains, including Applebee’s and Sonic, are introducing new devices, such as table-side tablets for customers and touch-screen ordering systems.