Each Friday we’ll bring you a roundup of news from CFIN, YODL and around the food world.
As seen on YODL
Check out this week’s most viewed discussions:
Around the Food World
- NielsenIQ’s Carman Allison shared his views on consumer spending in his presentation “Gauging a Consumer Recession” at the recent GroceryConnex show.
- Restaurants Canada is calling for nominations in its annual Awards of Excellence for the foodservice sector.
- MeliBio has produced a plant-based honey for foodservice.
Did you Know?
According to Restaurants Canada, annual commercial foodservice sales in Canada are forecast to grow to $82.6 billion for 2022, reflecting a strong rebound in consumer spending this summer combined with higher menu prices. However, adjusted for menu inflation, real sales are still 4.4% below pre-COVID levels. Sales in the quick-service restaurant sector will hit $37.9 billion in 2022, representing just a small jump when adjusted for inflation. Meanwhile, sales in full-service restaurants are up 5.7% compared to 2019, although real sales are 6% lower than pre-COVID levels. The organization predicts that foodservice sales will increase by 5.7% in 2023 to $87.4 billion. While that number represents a 13.4% increase compared to 2019 sales, real sales adjusted for menu inflation are expected to still be 4% below pre-pandemic levels.
#economicoutlook
#restaurantsales
#menuinflation
#QSR
#fullservicerestaurant