Industry Analysis & Industry Trends
The 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 by 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.
The industry is forecast to record strong growth over the five years through 2013-14 as it recovers from the low of 2008-09. Consumer demand for healthy, quality food and fine dining experiences has offset weaker economic conditions... 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. Growth of 3.1% to $14.3 billion is expected in 2013-14 as consumer demand for quality food and dining experiences helps the industry recover from weaker economic conditions... purchase to read more