CRFA says restaurant sales to climb over next five years
By Canadian Pizza
By Canadian Pizza
Oct. 16, 2012, Toronto – A new report from the Canadian Restaurant and
Foodservice Association says rising disposable income and a
growing population will boost restaurant sales in Canada by an annual
average of 4.1 per cent over the next five years.
Oct. 16, 2012, Toronto – A new report from the Canadian Restaurant and Foodservice Association (CRFA) says rising disposable income and a growing population will boost restaurant sales in Canada by an annual average of 4.1 per cent over the next five years. The CRFA reveals commercial restaurant sales (excluding foodservice sales at institutions and accommodation) will jump to $61.7 billion a year by 2016 – up from the current $52.9 billion.
While steady sales gains are expected in the coming years, the CRFA says 2013 will see a modest slowdown in growth – advancing just 3.9 per cent following 2012’s solid 4.7 per cent increase. This deceleration is due to moderate economic growth and burgeoning consumer debt, which will put a damper on spending.
However, the CRFA predicts restaurant sales will pick up steam again in 2014. As the Canadian economy improves, growing disposable income and greater job creation will lift sales by 4.2 per cent.
“Despite the economy’s ebb and flow, sales are on the upswing – proving that Canadians have a strong connection to the restaurant industry,” says Garth Whyte, CRFA’s president and CEO. “Eighteen million Canadians come through our doors every day. This is an important relationship – for the restaurateur, the consumer and the economy. We’re one of the largest employers in the country and the number one source of first jobs.”
Here is CRFA’s outlook for Canada’s restaurant industry between 2012 and 2016:
- Caterers will grow the fastest, with an average annual sales increase of 4.6 per cent
- Quick-service restaurants will be close behind with annual average sales growth of 4.5 per cent
- Full-service restaurants are on the road to recovery, as sales will rise an average of 4.0 per cent per year
- At a provincial level, Saskatchewan and Alberta will boast the fastest restaurant sales growth at annual averages of 5.4 per cent and 5.3 per cent, respectively.
All figures cited above are unadjusted for menu inflation, which is expected to average 2.6 per cent over the forecast period.