Industry Analysis & Industry Trends
The Australian Restaurants industry has faced difficult trading conditions over the past five years. Declining household income during the global economic downturn, rising unemployment and low consumer sentiment caused demand for the industry to plummet. Consumers became vigilant in their spending by choosing to cook at home rather than eat out and seeking value for money in food purchases. This reduced the frequency of restaurant visits and lowered spending on high-margin menu items, thus prompting a fall in industry revenue in 2008-09. Overall, these factors have restricted growth over the past five years, with revenue expected to increase at a compound annual rate of 0.4%... purchase to read more
Industry Report - Industry Analysis Chapter
The Restaurants industry has been affected by challenging conditions over the past five years. During 2008-09, revenue contracted sharply in the wake of the global financial crisis as plunging equity values, rising unemployment and fears of a deep recession led consumers to cut back on discretionary expenditure. During 2009-10 and 2010-11, growth was constrained by consumer deleveraging, with people preferring to eat at home or purchase cheaper takeaway options. Industry growth rebounded in 2011-12, underpinned by rising interest in food and dining out. Moderate growth of 3.0% to $13.9 billion is expected in 2012-13 as consumer demand for quality food and dining experiences offsets weaker economic conditions... purchase to read more