Published on 09/09/2015 by Punchmedia

Cooking Shows Drive Restaurant Revenue

In the latest in our series of reports on various industries and where they currently sit, we take a look at restaurants and how this industry is on track to post an annualised growth of 4.3% over the five years through 2015-16. According to an IBIS World report, changing social trends have consistently fuelled strong growth in restaurant frequency with busier lifestyles and diminishing leisure time contributing to the expected rise of revenue to $12 billion by the end of next year. The report said restaurants were now allowing consumers to combine dining with leisure and avoid them having to spend time on food preparation. It revealed that consumer demand for quality food and fine dining had also contributed to the growth and that the success of popular cooking TV shows had reconnected people with the pleasures of eating out. The developing food culture, combined with increasing consumer health consciousness and a focus on quality is expected to provide opportunities for the industry to grow even further, according to the report. Operators have sought to take advantage of consumers' moves towards informal dining, with casual, healthier menus driving sales. In an effort to boost profit, the industry is also expected to focus on better-quality meals and ingredients, for which consumers are willing to pay a premium price for, the report explained. Restaurant industry revenue is forecast to rise by an annualised 2.3% over the five years through 2020-21, to total $13.4 billion however restaurateurs are expected to face tough competition as other hospitality operators, such as fast food retailers, also try to capitalise on current trends, it added.

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Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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