2023 State of the Restaurant Industry

A New Normal Takes Hold

Restaurant owners have a growth mindset for 2023. A new—and positive—normal is taking hold at restaurants across the country, and nearly 3 in 4 operators say they are getting comfortable with their day-to-day operations and are focused on sustaining growth in 2023.

While the headwinds of 2022 will carry over into 2023, consumers’ desire for the restaurant experience is as strong as ever and will play a critical role in the industry’s growth.

Key findings illustrating the industry’s economic conditions include:

• Growth will continue: The foodservice industry is forecast to reach $997 billion in sales in 2023, driven in part by higher menu prices.
• Building on a solid foundation: For 70% of operators, business conditions have settled into or are on the path to their new version of normal, while 30% of operators say business conditions will never return to normal.
• Consumers want restaurant experiences: 84% of consumers say going out to a restaurant with family and friends is a better use of their leisure time than cooking and cleaning up. Rising costs create challenges: 92% of operators say the cost of food is a significant issue for their restaurant.
• Industry help wanted: The foodservice industry workforce is projected to grow by 500,000 jobs, for total industry employment of 15.5 million by the end of 2023, surpassing pre-panedmic levels.
• Competition is heating up: In 2023, 47% of operators expect competition to be more intense than last year.

The 2023 State of the Restaurant Industry report is the authoritative source for industry sales projections and trends and is based on analysis and forecasts by National Restaurant Association economists and surveys of restaurant operators and consumers conducted throughout the year.

It examines key factors impacting the industry including the current state of the economy, operations, workforce, and food and menu trends to forecast sales and market trends for the year ahead.