This improvement over the course of 2013 suggests Canadians are more optimistic about their financial situation and future job creation. The good news for our industry is this consumer confidence may be boosting foodservice sales.
In the first eight months of 2013, foodservice sales jumped by 4.6% despite overall modest economic growth. Demand for foodservice is driven by a solid 6.0% increase in full-service restaurant sales and a 5.5% surge in caterer sales. Quick-service restaurant sales rose by 3.5%, while drinking place sales are up 1.6% following four consecutive years of declines. Higher restaurant sales = greater job growthThe growth in foodservice sales has translated into strong job creation. According to Statistics Canada’s Survey of Employment, Payrolls and Hours, employment in the restaurant industry jumped by 3.6% in the first eight months of 2013 while all other industries saw job growth of just 0.9%. |
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