If you are thinking of buying a restaurant for sale in Edmonton or Toronto this year, it might be a good time to do so as experts expect Canadians to spend more when dining in restaurants.
A report predicted that restaurant spending by an average family would increase 8% in 2018, or $208 more compared with 2017.
The increased spending would mean that Canadians’ budget for restaurant bills might account for nearly 30% of their overall food expenses, which would amount to almost $11,950 for a typical family of four, according to the report.
Meanwhile, restaurant owners could maximize the expected increase in spending by paying attention to consumer trends. The report noted that Canada’s Food Guide version now promotes a plant-based diet, while advising against the consumption of processed food.
However, fresh produce might cost up to 6% more this year due to certain climate conditions that will make it more expensive, even for those who decide to cut back on dining out and spend more on home-cooked meals.
Since the new Food Guide version encourages a plant-based diet, more restaurants will try to include vegan desserts on their menus. Mushroom extracts will also be a prominent part of restaurant menus this year.
Those who have certain restrictions on their diet will also have more choices with the availability of customized menus. Otherwise called build-your-own menu, this trend will also help in reducing food waste as people get to choose what to consume when they place an order.
The restaurant industry continues to change each year, so business owners should update themselves on the latest trends to sustain growth. On the other hand, an expansion via acquiring an existing business seems a good option due to the expected growth in Canadians’ food budget.