While economists have a natural tendency to dwell on the negative, 2017 was a pretty good year for the Canadian economy and the foodservice industry. The following are Restaurants Canada’s top five indicators for 2017, followed by the indicators to watch in 2018.
Why 2017 was an awesome year (in no particular order):
- Canada posted the fastest economic growth of the G7 countries
- Canada’s unemployment rate fell to its lowest level since 1974
- Consumer confidence soared
- Foodservice sales advanced 5.1% in first 10 months of 2017
- Increased travel by Canadians throughout Canada
If 2017 was the best of times, there are a number of reasons to believe that 2018 will be one of the most challenging years for operators. Here are some indicators we will be keeping a watchful eye on.
- Menu inflation projected to rise (a lot)
- Household debt is at critical levels
- Foodservice sales are expected to slow
- Foodservice employment is fragile
- Foodservice unit expansion expected to stall
To view a more in-depth report, please visit our Members’ Portal by clicking here.
To help operators navigate the many changes that will take place in 2018 and to find out how to grow revenues and save money, Restaurants Canada will continue to host a series of industry related webinars. Members can watch Preparing for Bill 148, Understanding Alberta’s 2018 Labour Law Changes and How Restaurant Operators Can Save Money Given Rising Labour Costs webinars by clicking the links.