Canadians spent 39% of their food budget on restaurant dining during Q1 2023, a return to pre\u002DCOVID levels.
to choose from, restaurants are once again being celebrated for what they do best. And though full-service restaurants experienced the highest growth in the first quarter of the year , they were still outpaced by fast food, according to Circana.
Quick service spots comprised 67 per cent of all foodservice visits, followed by full-service restaurants at 22 per cent. Recent financial results from McDonald’s and Restaurant Brands International are in line with Circana’s findings, says Charlebois. “The quick-service sector is benefitting from a trading down, basically. People still want to go out. There’s some revenge spending going on, but at the same time, they can’t really afford fine dining as much or even casual dining.”Article content
Restaurants may be benefitting from the urge to buy more to make up for lost time, but they’re also contending with the work-from-home phenomenon, adds Charlebois. Even with some employees returning to the office, the restaurant industry faces the challenge of serving an increasingly domestic market.
“Cities are struggling to get people back in town. And so, the foodservice industry is playing a different purpose. And that purpose is about finding an excuse to get out of the house and meet people or experience something different. And you’re not going to pay $150, $200 to do that. But you may actually be willing to spend 10 or 15 bucks for that.”
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