Have you spent years dreaming of owning your own restaurant? If so, you are in luck, as market reports indicate that there are projected to be more restaurants for sale in 2022-2023 than in recent memory. Let’s break down what we may see in the coming 18 months.
Restaurant Sales Growth 2021 vs. 2022
There’s no denying that the entire hospitality industry suffered significant losses during the first 18 months of the COVID-19 pandemic. However things are looking up, when comparing 2021 restaurant sales volume to 2022. According to the National Restaurant Association, sales in 2022 are expected to hit nearly $900 billion, an increase of more than 12% over 2021. If you’re planning to buy a restaurant in the coming 18 months, the increase in projected growth is undoubtedly a favorable forecast.
Moreover, pent-up consumer demand remains high. So as the effects of the pandemic continue to lessen and customers feel comfortable resuming familiar, enjoyable activities, restaurant sales are further expected to increase.
Restaurants for Sale: Key Trends to Know
If you’re planning to buy a restaurant, several key trends are illustrative of what customers want. These include:
Customers love the convenience of having their meals delivered, so restaurants without a dine-in option, AKA “ghost kitchens,” are more popular than ever. To reach the greatest number of customers, ghost kitchen restaurants should also offer take-out service.
Offering Delivery is Imperative
In 2022, a whopping 86% of Americans ordered food delivery at least once a month. Moreover, 64% of the Millennial generation, which is the nation’s largest generation of adults, say that delivery and take-out options are essential to the way they live.
Therefore, when considering your options in restaurants for sale, smart buyers should consider whether the restaurant has an established delivery model or if the menu items offered need to be reimagined to ensure easy delivery is possible.
Vegan and Plant-Based Meals
If you’re planning to take ownership of a restaurant this year, be sure you plan to have plenty of meatless and dairy-free options. Studies have shown a more than 15% increase in vegan orders, as reported by Grubhub.
Farm-to-Table and Fusion Foods are Increasing in Popularity
As customers become increasingly more vested in locally sourced products, their desire for unique, globally inspired fusion options is also rising. One out of three customers reports trying globally inspired fusion menu options last year. Fusion options offer restaurant owners the opportunity to make use of local ingredients, all the while offering unique items inspired by other cultures and nations.
Get Help Finding the Perfect Restaurant for Sale
Northwest Business Sales and Appraisals is the business broker of choice for buyers and sellers in Lane, Linn, Benton, and Marion Counties.
Helmed by Certified Business Intermediary, Business Certified Appraiser, and Senior Business Analyst Patrick Bice, Northwest Business Sales and Appraisals has helped countless Oregonians in the food and beverage industry to achieve their goals of buying a restaurant or finding the perfect buyer for restaurants for sale. For a confidential consultation, contact us today at 541-968-2728.