TORONTO, July 11, 2012 /CNW/ - Restaurant sales are in better shape this year than expected. According to the latest forecast by the Canadian Restaurant and Foodservices Association (CRFA), annual restaurant sales will rise 4.2% in 2012 to nearly $53 billion - which is higher than the 2.9% forecasted last December - due to a healthy first quarter.
Canada's restaurant industry enjoyed better-than-expected sales in Q1 thanks to a mild winter and an extra day in February.
"The upward forecast is good news not only for restaurateurs, but for communities across Canada. With more than one million employees, the restaurant industry is the number one source of first-time jobs, which are particularly important for students at this time of year," says Garth Whyte, CRFA's President and CEO.
Here's CRFA's outlook for Canada's restaurant industry in 2012:
- Quick-service restaurant sales will grow the fastest at 4.9%, due to strong consumer demand;
- Full-service restaurant sales will be restrained to 3.9% growth as personal disposable income moderates;
- Caterer sales will jump 4.4% because of an expanding natural resources industry driving demand for remote catering; and
- Drinking place sales will slip 0.8% due to weak consumer demand, unit closures and stricter drinking and driving legislation in Western Canada.
Including non-commercial foodservice sales - at locations such as schools and hospitals -Canada's restaurant industry will surpass $65 billion in 2012.
CRFA is one of Canada's largest business associations, with more than 30,000 members representing restaurants, bars, caterers, institutions and other foodservice providers. Canada's $63-billion restaurant industry employs more than one million people in communities across the country.
For further information:
Prasanthi Vasanthakumar, Communications Specialist, 1-800-387-5649, ext. 4254 or [email protected].