Restaurant business trends
American Express has released its Restaurant Trade Survey ahead of the 27th annual American Express Restaurant Trade Program, an exclusive feature of the Food & Wine Classic in Aspen. The program offers a forum for attendees to exchange business ideas and strategies, educational platforms to gain insights from top industry talent and networking opportunities to fortify relationships with peers.
Some topline findings:
· Restaurant operators are feeling bullish about the economic environment: 39% of restaurateurs said they see the economy improving and expanding opportunities for their businesses over the next six months, while another 32% expect their businesses to grow regardless of the economic climate.
· Restaurateurs are projecting an average revenue growth of 33% in 2016.
· Almost two-thirds of restaurant operators said they would possibly increase the price of their menu items due to rent increases.
· 29% of restaurant operators plan to adopt the no-tip trend facing the restaurant industry while 18% report that they have already adopted.
· Restaurateurs are anxious about retirement savings – 65% are somewhat to very worried about the ability to save for retirement. However, succession planning is not a concern as 71% have a succession plan in place.
· The most popular consumer food trends that restaurateurs adopted/plan to adopt or would like to adopt is plant-based foods or more veggie offerings (92%).
This year’s Restaurant Trade Program will convene industry leaders such as Andrew Zimmerman, Marcus Samuelsson, Christina Tosi and Maureen Cushing to discuss topics including technology’s impact on the restaurant industry, the role mentors have played in chefs’ and restaurateurs’ development, and how the industry is adapting and responding to current economic trends and changing consumer tastes. Sessions will be held June 17 - 18 in Aspen.