50 Key Restaurant Industry Statistics

Four years after 2020, the restaurant industry is still in a state of change and overall evolution. The restaurant industry as a whole is rapidly changing, defined by the functions of the food world and the forces that manipulate them. Below are the 50 most relevant restaurant industry statistics in 2024. Use these restaurant statistics to better inform your business decisions, operational goals, and overall expectations for the year ahead.

Restaurant Sales Statistics

1. Restaurant industry sales are forecast to hit a record $1.1 trillion in 2024

The National Restaurant Association forecasts that restaurant sales will reach a record $1.1 trillion in 2024. With an agile workforce, adaptable operators, and growth in both demand for product and labor, the industry is set to top its highest-ever sales record of all time.

2. Sales have fallen through the majority of Q1 in 2024

While forecasts are optimistic, sales for restaurants fell for four out of the first six months in 2024, owing to economic concerns and an uneasy economy. The concern here is an overall decrease in consumer spending, tighter budgets for the average consumer, and rising consumer prices across the general economy. 

3. Sales volume continues to be a pressing concern

Sales volume continues to be a crucial concern for restaurateurs in 2024. According to a recent poll, 30% of restaurant operators share that sales volume is one of their top business challenges. Operators fear that tightening economic conditions and rising food costs could have a major impact on restaurants if sales volume dips.

4. Menu prices rose 4.1% over the past 12 months

Although signs of progress have been made on inflation, menu prices have increased by 4.1% in 2024, according to the National Restaurant Association. Regionally, the biggest growth in menu prices in the US comes from the Northeast, with menu prices rising 4.8% on average.

5. Restaurant menu prices doubled between 2018 and 2023

A study by restaurant POS stalwart Toast found that a Valentine’s Day dinner for two at a full-service restaurant in 2023 cost an average of $121 plus tax, while the average for the same meal in 2018 was $69. Five years is a short window for such a giant leap, reflecting the volatility of the intervening five years. While prices have increased considerably, consumers have not (yet) curbed their restaurant attendance.

6. The Restaurant Performance Index was below 100 for the seventh consecutive month in June

For the seventh month in a row, the National Restaurant Association Restaurant Performance Index (RPI), which helps dictate the growth or contraction of the restaurant industry, stayed below 100 in June. This is due to the worries by restaurant operators over the broader health of the economy, interest rates, and consumer spending concerns. 

7. About 1 in 10 restaurants in the US serves Mexican food

According to the Pew Research Center, one out of every 10 restaurants in the US (about 11%) now serves some version of Mexican food. An even crazier stat is that around 85% of counties across the country have at least one Mexican restaurant, making the broad appeal of the cuisine that much greater.

8. The average person dines out three times a month

According to US Foods, the average diner goes out to eat three times a month. In this poll, consumers cite efficiency, socialization, and variety as reasons to dine out rather than stay in and cook. This number looks to stay the same, as consumers want more convenience in their dining options.

9. Nonalc options continue to be in demand

2023 saw the most growth in nonalcoholic options in this category, boasting a 31.2% increase in off-premise sales. Participating in nonalc options can be a key way for operators to increase sales and cater to a wider range of diners.

10. Digital sales accounted for 26% to 50% of overall sales in 2023

The 11% jump in digital sales from 2022 to 2023 solidifies the growth of online selling platforms. Fast-casual boasts a 25% to 50% share, whereas quick-service restaurants (QSRs) are at around 11% to 25%. Digital sales are key for fast-service restaurants and are expected to grow into 2024.

Restaurant Employment Statistics

11. Restaurant jobs growth is slowing yet stabilizing

According to the National Restaurant Association, restaurant job growth has slowed in recent months but is stabilizing and at a larger number than prepandemic levels as of June 2024. This sustained growth, albeit slower than right after the pandemic, shows a strong labor force for restaurant operators to use.

12. 6 in 10 operators say their staffing levels are 10% below what they need

A recent survey shared that 6 out of 10 operators feel like they are 10% below the staffing levels they need to operate properly. Restaurant retention, especially in full-service restaurants, has always been a challenge. With an ever-changing market, different job opportunities, and a healthy workforce, attracting and retaining talent is vital for consistency in business operations.

13. Full-service restaurants are still down labor by 4%

Full-service restaurants continue to be the segment within the restaurant industry that is struggling to attract and retain labor. This has proven to be a trend, with full-service restaurant labor levels still being 4% lower than prepandemic staffing. Full-service restaurants face an uphill climb while other segments, such as quick-service, continue to attract more labor overall.

14. 60% of restaurant/food service workers are under 35

60% of workers in the restaurant and food service space are under 35, showcasing a labor market reliant on younger workers. Even more surprising is the fact that 37% of workers in the industry are under 25. As restaurant operators seek employees, it is vital to understand the demographic most likely to work at their restaurant.

15. Restaurant operators are retaining employees more easily

In June of 2024, only 3.8% of workers in restaurants and accommodations quit their jobs, marking a low that has not been hit since May of 2015. This data shows that restaurant operators are doing a better job at retaining employees, which makes sense as it is a top concern for many heading into the year. 

16. The median hourly wage increased to $14.29 per hour

In 2023, the median hourly wage for food and beverage workers increased to $14.29, with a median salary of $29,710 per year. This increase coincides with the fact that the food labor market had massive leverage in demanding better wages due to the higher demand for labor coming out of the pandemic. This number reflected the wage in May of 2023, per the US Bureau of Labor Statistics.

17. The food and beverage industry employs more 16- to 19-year-olds than any other employment sector

Many Americans’ first jobs are in the restaurant industry. It’s no surprise that the industry employs more 16- to 19-year-olds than any other sector. The flexible hours and night and weekend work particularly appeal to students who need their days free to attend classes.

18. There are fewer job openings in the industry

June 2024 marked the second consecutive month of job slowdown, where open jobs were below the 2019 average of 875,000. It is also lower compared with the record highs of 1.5 million job openings in the busiest parts of the pandemic.

Restaurant Issues & Outlook Statistics

19. Overall employment of F&B workers is expected to grow by 2% over the next decade

The overall employment of foodservice workers is expected to grow 2 percent from 2022 to 2032, which matches the average of all occupations. This translates to an average of 1,026,200 jobs opening for food service workers each year.

20. 77% of all F&B workers work in restaurants and other eating places

When compared with retail trade, healthcare, special food services, and educational services, restaurants employed 77% of all workers in the food industry. This is important to know because the majority of employment opportunities and workers do work in restaurants, but there is a 23% gap in which they can gain other employment if they so wish.

Restaurant Issues & Outlook Statistics

21. Competition is strong in 2024

Per a study done by the National Restaurant Association, 45% of restaurant operators expected competition to be more intense year over year. Because of tighter economic realities for consumers, increased sales, and higher costs, the need to compete must be balanced with offering adequate value to gain return customers.

22. Costs continue to be a challenge for restaurant operators

In the same study shared above, a whopping 98% of operators shared that labor costs were specifically an issue going into 2024. With the reported increase in hourly wages for workers, it is no wonder that managing the cost of labor is a high priority for operators. Additionally, 97% of operators cite higher food costs, with an astonishing 38% declaring that their restaurants were not even profitable the year prior. 

23. 22% of operators plan to invest in technology for their business

As AI and other technologies start to impact the food world, more and more restaurant operators are encouraged to invest in technology to help improve their businesses. Point-of-sale (POS) systems, inventory management tools, and data analytics software were all cited as potential tech investments for restaurant operators. Among operators, 22% claim they plan to invest in these technologies to enhance their businesses.

24. Returning to in-office work is a positive for caterers

The catering sector of the food industry is expected to grow at a rate of 6.2% between 2024 and 2032. This growth is paired with an increased interest by independent restaurants to cash in on the many opportunities office catering can present to them. This focus on in-office dining can be a great way to boost revenue in an otherwise highly competitive food landscape.

25. Restaurant bankruptcies are a looming threat in 2024

Because of the rising costs of both labor and raw products, the threat of more bankruptcies in 2024 is a more negative outlook some operators have for this year. Supply chain stressors, labor shortages, and other disruptions in the food industry can quickly affect a large portion of the industry, making it more likely that some businesses will face financial failure this year. 

26. Consumers are still very much in love with restaurants

A recent poll from the National Restaurant Association revealed that 9 out of 10 adults enjoy going to restaurants. This is due to the diversity of meal options they can encounter, and it also allows them to enjoy their favorite meals they cannot access at home. Pair this with investing in loyalty technology to capture the hearts of loyal customers in 2024.

27. Dessert concept businesses see a 52% increase in openings

An astonishing 52% increase in openings impacted dessert shops between May 2023 and April 2024. This increase is paired with shaved ice concepts growing 44% and pancake concepts opening at a 38% increase. The fixation on customers with a sweet tooth is a winning formula for many and is to be considered over the next 12 months for those looking to open their own food businesses. 

28. Pop-up shops saw a 155% increase in openings on Yelp 

The most surprising data shown by Yelp regarding new food business openings was the tremendous growth of pop-up shops opening in a recent 12-month period, growing by 155%. Compare this against New American restaurant openings falling by 46%, and you can see that the agility and low-cost nature a pop-up can provide is more approachable and convenient for the average food business owner.

29. 22% of operators plan on opening new locations in 2024

Expansion is on the minds of 22% of food operators, as the plan to expand their business is one they hope to achieve in this calendar year. Limited-service operators were somewhat more likely to commit to expansion over full-service operators, but it is encouraging to see almost a quarter of the industry does want to expand their business in some way.

30. Tipping fatigue carries into 2024

Many diners have commented on Yelp (an increase of 81%) regarding their tipping experience when dining out. These diners leave the sentiment of feeling fatigued by how often they are asked to leave a tip when making a purchase. Being aware of how and when you ask diners to tip is critical to combat this fatigue.

Restaurant Food Menu Statistics

31. 7 out of 10 restaurant operators don’t expect to increase menu offerings in 2024 

Because of the rise in costs, uncertain labor reliability, and the extra resources required to launch more menu items, operators seem content with keeping their menu item amount the same in 2024. This does not mean that new items will not be offered, but rather that menus are less likely to expand in the near future. 

32. Sustainability continues to be a key issue for consumers

Restaurant operators are urged to pay attention to the sustainability of their menu items in 2024 and beyond, as 57% of consumers report sustainability as a key consideration when choosing a restaurant. Whether it be packaging or high-level ingredient sourcing, showcasing menu items that are environmentally sound is key to driving positive customer perception of your brand.

33. Retail sales are expected to grow with 53% of restaurant operators in 2024

Finding new revenue channels is a crucial task for restauranteurs. Fifty-three percent of restaurant operators believe merch, especially those featuring the restaurant’s name and logo, will become more popular in 2024. Additionally, 69% of millennial consumers share they are more likely to use restaurant-prepared ingredients in their home cooking.

34. “Viral” foods overtake menus

With the popularity of sites such as TikTok and Instagram, the ”virality” of food only continues to help boost restaurant sales. For example, searches for “flat croissant” grew 5,411%, searches for “clubstaurant” grew 254%, and searches for “Swedish candy” rose 13,665%. All of these searches are driven by the virality of these items across various social media channels.

35. 82% of millennials want the option of daily specials

All generational groups like daily specials, but a whopping 82% of millennials want the option for new, special dishes that are only offered for a limited time. Diversity in food choices continues to be a top consumer preference, and having daily specials can cater to this need and help diners experience more food options overall.

Restaurant Marketing Statistics

36. About 80% of customers expect restaurants to have some sort of social media presence

Social media presence is something that the majority of consumers (80%) expect in 2024. The importance of showcasing food is due to how customers make choices. The need to see what’s on offer before dining in is something many consumers have. Furthermore, the idea of building a brand through online interactions is another aspect of being a food business that many consumers have come to expect in today’s social media-driven age.

37. 90% of diners look up a restaurant online before visiting

A quality digital footprint is very important for your business, as 90% of diners actually look up the restaurant online before dining with them. Having an online presence that articulates your brand and what you offer is crucial, as it can be the difference between attracting customers through interest and pushing customers away because of ambiguity and confusion. 

38. 92% of diners trust recommendations from family and friends

While digital advertising and marketing dominate in attracting customers, word of mouth is still a highly relevant aspect of restaurant marketing that cannot be overlooked. 

A recent study found that 92% of customers will trust the recommendations between family and friends over all other marketing channels. This is crucial to how you will operate your restaurant, as great experiences lead to the most valuable form of marketing in the food industry—which is people telling other people about your brand.

39. 81% of restaurateurs use Facebook to promote their business

Facebook continues to be the dominant social media promotion channel for restaurant owners in 2024, with 81% of owners using this app for promotion. TikTok and Instagram follow behind, notably understanding that Facebook and Instagram have integrated social media business suites for effective digital marketing. This user-friendly aspect of Facebook continues to ensure they are the dominant social media choice for small business marketing.

40. 80% of customers watch restaurant-related content

One space in which any restaurant can stand to grow is in making restaurant content. Eighty percent of customers are captivated by the ins and outs of the restaurant industry, and watching restaurant content only drives more and more positive sentiment for going out to eat. Any restaurant that can put out content related to their business can gain a lot of traffic and notice amongst a majority of consumers in 2024.

Restaurant Payment Statistics

41. 72% of adults would pay using contactless or mobile payment options

Mobile and contactless payment options boomed during the pandemic, and this trend of quick or touchless payments has only gotten stronger going into 2024. About 72% prefer the option of contactless payment methods, citing the convenience this option offers and the time-saving nature of being able to pay and leave after enjoying a meal. Considering efficient payment options should be a priority for restaurants in 2024.

42. Only 4% of restaurants offer payment through Venmo

When looking for ways to differentiate your business and add efficiencies for customers, Venmo can be one avenue to explore. As of 2024, only 4% of restaurants offer payment through Venmo, the very popular consumer payments app. Being able to accept more forms of payments, especially through apps like Venmo, could open up more options regarding the types of customers you can attract.

43. 75% of customers would like to preorder at sit-down restaurants

Allowing consumers to preorder before dining at your restaurants could be a huge win for both your business and customer base. Regarding your business, the ability to turn over tables and get more customers through your dining room could help boost revenues. At the same time, allowing customers to preorder locks them into dining at your restaurant and builds more of a need to follow through on reservations booked.

44. Reviews mentioning “self-service” rose by 159%

Between May 2023 and April 2024, customer mentions of self-service in Yelp reviews rose 159%. With iPad and tablet-based self-service kiosk options, this technology has never been more affordable for even the smallest restaurants, and it is a cost-effective way to manage staffing shortages. Expect the self-service trend to continue in the coming year.

45. 45% of consumers would choose brands based on mobile payment availability

Being able to offer mobile payments is already a make-or-break issue for 45% of consumers, and this is expected to continue to increase in the coming years. Consumers are accustomed to online and mobile payments and are pretty savvy in being able to pay efficiently. Offering mobile payments can be the main reason a consumer chooses your restaurant vs others in your region.

Restaurant Technology Statistics

46. 76% of operators say technology gives them a competitive edge

Investing in technology continues to be a major focus for three-quarters of all restaurant operators. Even more interesting is that only 13% of operators interviewed believe that their restaurant is on the cutting edge of food technology. This means that many operators believe in the technology they have invested in and still believe that more investment is required to continue to be competitive in the restaurant industry.

47. 1 in 5 operators plan to purchase food cost management software

A study by tech.co found that 21% of food operators will plan on buying food cost management software to help them lower costs in their restaurants. This emphasis on using technology to help with key cost monitoring is expected to grow as food cost software becomes easier to use and more accessible to businesses.

48. Digital restaurant boards help with a 3% to 5% uplift in sales

Digital menu boards are an effective way to showcase menu items, pricing, and other key information to customers. Furthermore, these menu boards can be updated in real time, offering price changes, brand imaging, and other key items fluidly and functionally. All of this leads to an average of 3% to 5% of sales being uplifted when the boards are implemented.

49. 41% of operators plan to invest in AI sales forecasting and scheduling

AI has been a great tool for restaurant operators, and the advent of more AI-driven restaurant technology is driving the demand for these tools in day-to-day restaurant operations. The ability to use AI to streamline tasks such as employee scheduling and sales forecasting can help reduce costs, drive efficiencies in restaurants, and drive sales through the positive planning effects these tools can provide. AI investment is a key focus for many in the coming year.

50. 4 in 10 operators used technology to enhance kitchen productivity

Regarding the investment of technology in restaurants, 4 out of 10 operators have already found that technology has enhanced productivity in their business. With almost half of operators claiming that technology is already improving restaurant operations, it is important to recognize that trends will likely drive even more adoption of restaurant technology in the coming years.

Frequently Asked Questions (FAQs)

Last Bite

2024 offers a mixed bag for restaurants as a whole. Because of some harsh economic times for consumers and rising costs of food and labor, it can be challenging to be profitable and find success. However, the rise of technology, the adoption of more efficient business operations, and a focused renewal of in-person dining provide many options for restaurants to find solid footing within the industry and succeed in this current food business climate.