“Restaurants are performing slightly better than last year. 54% of restaurant rated their 2024 business performance as excellent/good, signaling a cautious but growing optimism in the industry.
Majority of restaurants are continuing to raise their menu prices although with limits. Spend Increasing prices have potential negative impacts to the business. Independent restaurants that raised their prices by 15% or more in 2024 saw a decline in profits, fewer customers, and overall poorer perception of their business performance.
Loyalty: 91% of restaurants continued to increase menu prices in 2024, with majority steadily keeping their increases between 5% and 10%—on average a less significant increase than in the year prior.
Social media is the primary tool for restaurants to engage with their guests.
Nearly 75% of restaurants are using social media to market their business in 2024 and a majority anticipate it to be the second most influential trend in 2025 after increased food costs. Customer traffic has remained the same or declined compared to last year. 72% of respondents reported same
or fewer customers in 2024 versus the year prior.
More restaurants increased their staff wages compared to last year. 92% of respondents reported increasing staff wages in 2024, with a large majority increasing pay by more than 10%.
Teaming Restaurants are finding success with expanded benefits for their staff. Those who offered career advancement opportunities in 2024 had 1.2x less difficulty finding staff and 3.5x less difficulty retaining staff. Rising costs (e.g., food,
utilities, labor) and hiring are top concerns.
Regardless of business type or geography, rising costs and hiring were ranked the top concerns in 2024 across respondents.
This report, produced by the James Beard Foundation in collaboration with Deloitte, provides a comprehensive analysis of the independent restaurant landscape. Drawing from in-depth interviews with over 50 chefs and a nationwide survey of more than 350 restaurant leaders, this report sheds light on key trends shaping the industry and offers actionable insights that can help independent restaurants adapt, innovate, and thrive in the year ahead.
(More results available later this week) JJ
