Restaurant Industry Statistics that CPA and Accounting Firms Should Consider

Total Restaurants in the US

• 749,000 approximately as of 2023.

Restaurant Industry Percentage in the US Economy

• Around 3-4% of the GDP

Employment In the US Restaurant Industry

• 12.5 million people

Number of Food Delivery App Users in the US

• 53.9 million as of 2023

Average Sales for a US Restaurant

• $1350

Restaurant Revenue Growth in the US

• According to the National Restaurant Association, restaurant industry revenue grew 8.5% from February to November.

Restaurant Industry

Types of Restaurant Accounting Software Used

• Accounting, payroll, and business intelligence software

Top 5 Restaurant Type- Per Profitability

• Quick-service
• Fine-dining
• Food trucks
• Buffets
• Seafood restaurants

Fastest-Growing Segment in the Restaurant Industry

• Ghost Kitchens and Virtual restaurants

Cash Percentage in Restaurant Sales

• Fast Food Restaurants- 39%
• Dine-in Restaurants- 19%

Average Restaurant Startup Cost

• $95,000 to over $2 million

Average Restaurant Operating Costs Per Various Categories

• Food and Beverage Cost – 28%-35%
• Labor Costs – 25%- 35%
• Rent and Utilities – 5%-10%
• Marketing and Advertising – 1%-7%
• Insurance – 1%-3%
• Repairs and Maintenance – 2%-6%
• Other Expenses – 2%-6%

Average Restaurant Profit Margin

• Between 3% to 5%