C-Suite Wednesday – New Restaurant Openings and Consumer Interest Are On the Rise

June 28, 2023

Delaney Sexton
Contributing Editor

C-Suite Wednesday – New Restaurant Openings and Consumer Interest Are On the Rise

“Amid economic uncertainty, the restaurant industry has experienced a strong comeback with new business openings up 10% nationally between April 2022 and March 2023 compared to April 2021 and March 2022,” reads a Yelp Economic Average report from June. “Yelp data confirms rising demand among diners, with consumer interest in restaurants and nightlife businesses increasing nationally. In contrast, other discretionary spending categories have seen a sharp decrease in consumer interest, like shopping and beauty services for example.”

These are the trends in the restaurant industry according to Yelp:

• Pop-up restaurants have more than doubled in the last year and are the restaurants with the highest growth trend.
• Of full-service restaurants, ramen (45% increase), noodles (40% increase), tacos (up 28%), and chicken shops (28% increase) are experiencing the biggest rise in restaurant openings.
• Overall consumer interest in restaurants across the United States was boosted by 3%.
• Consumer interest in restaurants grew the most in Connecticut (+7%), Massachusetts (+6%), Utah (+4%), Maryland (+4%), and Pennsylvania (+4%).
• Yelp found a trend of consumers showing more interest in higher-priced restaurants and decreased interest in affordable restaurants.
• Interest in mid-priced and high-end restaurants increased 10% and 17% respectively.
• Compared to before the pandemic, people are 16% less interested in affordable restaurants, and in the last year, interest in cheaper restaurants dropped 4% nationally.

“As consumer dining habits continue to evolve, the restaurant and nightlife industries change with them, creating new ways to earn consumers’ interest with memorable experiences, pop-ups and fine dining menus.” 

Source:
Yelp Economic Average Report