2024 March Board Book

Large chains are committed to adding units and much of this expansion is happening overseas. Government, whether national, state or local, has become increasingly active in the forces impacting foodservice. For 2024, the industry is facing a “realities reset,” where there is less volatility and more stability in growth rates, costs and pricing, similar to what the industry experienced pre pandemic. Inflation is moderating on the raw material, labor and menu price fronts, but the industry remains at a much higher cost basis compared to 2020. Restaurant sales and traffic are moderating. Sales have been buttressed by menu price inflation which has shrouded declining traffic particularly in FSR. On the lodging front, a new occasion has emerged, termed “bleisure,” where travelers are taking advantage of their business trips by extending and enjoying leisure travel as well. Within noncommercial, particularly B&I and healthcare, the pandemic delayed replacement of out-of-date or old equipment and, today, it is increasingly difficult to justify equipment investment because of lower volume.

Tradeshows and Events are growing dramatically as the convenience of meeting many people in person becomes even more important during this era of remote work:

13% YOY increase in events volume

Source: Knowland October 2023 Photo by Jonathan Maze, Editor-in-Chief, Restaurant Business

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