Washington, DC, September 18, 2023 – Over half of restaurant operators are planning to increase their equipment and supply budgets in 2023, and 67% plan to make kitchen equipment replacements, according to a new study released by the Equipment Leasing & Finance Foundation (Foundation). The report, “Vertical Market Outlook Series: Restaurants,” provides an outlook on the restaurant sector in the U.S., including key trends and developments impacting this sector over the next one to two years. It is the ninth release of the Foundation’s forward-looking Vertical Market Outlook Series designed to help readers recognize and understand opportunities and challenges that may affect their businesses.
The report was commissioned by the Foundation and prepared by global advertising, technology, and data company Big Village, which also produced the previous studies in the Vertical Market Outlook Series. The new study presents data and research from a variety of sources, and examines a range of issues, including:
- Restaurant market landscape: definition and composition
- Macroeconomic environment: labor, government regulations impacting restaurants, impact of COVID, inflation, supply chain, financing, and failures and bankruptcies
- Trends: equipment, role of technology, design, innovative venues, dining trends, sustainability, and generational differences.
- Case studies: AI adoption and Taco Bell Defy Concept
“The study does an excellent job of surveying the restaurant landscape, the wide variety of restaurants in operation that could benefit from equipment finance, and the economic and market trends affecting them,” said Tom Ware, Foundation Research Committee Chair. “As with the previous releases in this vertical market series, this study provides indispensable data and analyses for equipment finance professionals to use in their strategic planning.”
Download the full report at https://www.leasefoundation.org/industry-resources/vertical-outlook/.
All Foundation studies are available for free download from the Foundation’s online library at http://store.leasefoundation.org/.
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The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization that propels the equipment finance sector—and its people—forward through industry-specific knowledge, intelligence, and programs that contribute to industry innovation, individual careers, and the overall betterment of the equipment leasing and finance industry. The Foundation is funded through charitable individual and corporate donations. Learn more at www.leasefoundation.org.
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Media contact: Charlie Visconage, cvisconage@leasefoundation.org