This is an excerpt from Big 7 Media‘s 100-page report on The Future of the Restaurant Industry in 2020.
This detailed report provides current operational guidance and insight into emerging hospitality trends for 2020-21. We investigate the trends that are impacting the industry, both currently and in the future. You will learn: how to increase sales, current and future trends, supply chain issues and more.
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Restaurant Industry Overview
In the current disruptive climate, the restaurant industry is evolving rapidly and necessarily. The Covid-19 outbreak has had drastic effects on F&B businesses of all sizes. In comparison to 2019, the first two quarters of 2020 have seen an unprecedented decline amongst the majority of restaurant sectors. Since January, even McDonald’s has closed 25% of its stores worldwide. Independent restaurants are struggling to remain open. Sales are down, and the future is uncertain.
The U.S. Restaurant and Foodservice Industry is Tipped to Lose $240 Billion in 2020
Take the US, for example. As of April 2020, a staggering 97% of restaurants in America were under some level of restrictions, with most prohibiting dine-in service. In February, the US restaurant industry was projected2 at $899 billion in sales for 2020 by the National Restaurant Association (NRA). This was just one month before nationwide Covid-19 measures. Now? The NRA estimates that the restaurant and food service industry will lose $240 billion by the end of the year, with a loss of more than $50 billion in sales in April alone. This sustained loss on industry revenue will have a knock-on effect on all sectors, which is highlighted throughout the report.
With a global decline of 100% on seated diners at restaurants (taking into account online reservations, phone reservations, and walk-ins), the issues that the industry is facing make sense. Looking at this stark overview of the restaurant industry, it’s clear why most restaurant operators do not think their business will return to normal during the next several months.
Big 7 Media Report: The Future of the Restaurant Industry in 2020 – Download Here
Table of Contents:
- Restaurant Industry Overview
- Covid-19: Steps & Barriers to Reopening
- Produce Supply Chain: Impact on Menu Model
- Key Trends & Developments in Restaurant Sectors
- Food Delivery Trends & Technology
- Marketing & Social Media
- Beverage Trends within the Restaurant Industry
- Looking to 2021 – The Future