Foodservice Facts 2024: Charting a Path to Prosperity

This webinar is presented with support from Uber Eats and The Fifteen Group

The Canadian foodservice industry stands at a pivotal moment: incremental growth is on the horizon, but the path forward remains clouded by ongoing challenges. Economic pressures, changing demographics, consumer behaviours, and the aftershocks of global disruptions continue to create headwinds that operators must navigate carefully.

The Foodservice Facts webinar helps foodservice professionals navigate through the uncertainty and challenges. The presentation will be broken into two sections.

The first section focuses on the current state of the foodservice industry, reviewing the key economic performance indicators for 2024: restaurant sales; guest count trends by daypart and on-off-premises; how consumers are adapting their spending at restaurants in light of the rising cost of living and higher menu prices; and restaurant profitability.

The second section looks ahead at four ways restaurants can chart a path to prosperity.

The economy – Canada’s commercial foodservice sector is set for steady, though tempered, growth over the next five years. While the economy is expected to improve, which segments will see the strongest growth going forward over the next five years.

Demographics – By 2041, nearly half of Canadians will belong to visible minority groups, many of whom dine out more frequently than others. How will this impact the restaurant industry and what do restaurants need to consider in order to adapt to these changes.

Loyalty -Loyalty programs are increasingly vital for restaurants. What are guests looking for in a loyalty program and how can restaurants use loyalty programs to grow their traffic and topline sales.

Technology – Incorporating technology can improve both efficiency and productivity, providing a competitive advantage over other restaurants. While guests are interested in more technology at restaurants, the types of technology guests want varies significantly by segment and by age.

Speaker:

Chris Elliott

Chief Economist & Vice-President, Research
Restaurants Canada

As the Chief Economist and Vice President of Research for Restaurants Canada, Chris Elliott manages and produces a comprehensive research program that has made Restaurants Canada a leading source of information for and about Canada’s $114-billion foodservice industry. Chris tracks and analyzes key industry and economic indicators and translates them into member reports and publications. He also provides research to support Restaurants Canada’s lobbying efforts on issues that affect foodservice operators – from payroll taxes to food costs.

Chris has worked with Restaurants Canada for over 20 years, has a Bachelor of Arts and Master Degree in Economics and specializes in economic modelling and forecasting.