Outlook for restaurant sales improving
By Canadian PizzaNews
Nov. 11, 2013, Canada – Growth in Western Canada and a rebound in sales in Central Canada will help push restaurant sales up a healthy 4.7 per cent in 2014, reveals the Canadian Restaurant and Foodservices Association (CRFA).
The CRFA’s recent study finds that the new outlook is stronger than the previously projected 3.6 per cent.
Every province will see higher restaurant sales next year, but booming economies in Alberta, Saskatchewan and Manitoba mean they will lead the country with growth of more than five per cent in each province.
“The Canadian economy is turning a corner, but rising food and labour costs, as well as competition for the food dollar, will continue to make this a challenging environment for restaurant operators,” says Garth Whyte, CRFA’s president and CEO, in a media statement. “What’s clear from this forecast, however, is that our industry will continue to create jobs and investment in communities across the country in 2014.”
CRFA uses an econometric model to forecast commercial foodservice sales by using the Conference Board of Canada’s forecasts of disposable income, real GDP, employment and tourism to predict sales across the restaurant and food services industry until 2017.
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