|CRFA: Restaurant Sales to Grow 4.1 Per cent Annually|
|Friday, 05 October 2012 12:11|
TORONTO — Restaurant sales in Canada are predicted to grow an average of 4.1 per cent over the next five years, from $52.9 billion in 2012 to $61.7 billion by 2016, according to a report by the Canadian Restaurant and Foodservices Association (CRFA).
“Despite the economy's ebb and flow, sales are on the upswing — proving that Canadians have a strong connection to the restaurant industry,” says Garth Whyte, president and CEO of CRFA.
“Eighteen million Canadians come through our doors every day. This is an important relationship — for the restaurateur, the consumer and the economy. We're one of the largest employers in the country and the number-1 source of first jobs.”
Caterers, quick-service restaurants (QSRs), and full-service restaurants will benefit most from the jump in sales, gaining 4.6 per cent, 4.5 per cent and four per cent, respectively.
On the other hand, 2013 will see a slowdown, with a 3.9-per-cent gain compared to a 4.7-per-cent increase in 2012. This change can be attributed to moderate economic growth and growing consumer debt.