Restaurant visits and spending rise in Q1 2023 CanadiansInvest
If there’s one sector that deserves some good news, it’s the restaurant industry. This sector has been through hell due to the pandemic, putting our restaurateurs and their employees to the test. However, recently published reports indicate that the restaurant industry is making a strong comeback.
This is great news considering the painful challenges this sector has faced in recent years. Since March 2020, despite higher prices, consumers appear to be visiting restaurants more often. In summary, full-service restaurants showed the highest growth in traffic, with a remarkable gain of 24 percent. However, quick-service establishments still dominated with a 67 percent share of all food service visits, showing a nine percent increase during the quarter. Full-service establishments accounted for 22 percent of the total visits.
And the good news doesn’t stop there. Statistics Canada also added its two cents last week by mentioning that even though retail food sales have been declining for some time due to persistent food inflation, the percentage of food service, in relation to total food sales, seems to have returned to its pre-pandemic level for the first time. Before the pandemic, the percentage stood at 39 percent.
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