The restaurant industry 2024 was marked by fierce competition and shifting consumer spending habits. Food prices for dining out rose over 3% compared to more than 1% for groceries, encouraging more people to cook at home. Quick-service restaurants faced declining traffic, with $5 value meals failing to offset the broader trend. Casual-dining chains, including Red Lobster and TGI Fridays, struggled with bankruptcy, while Texas Roadhouse and Chili’s found success with value-focused strategies. Experts predict continued focus on value and innovation in 2025 amid modest industry growth.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02The restaurant industry in 2024 was marked by fierce competition and shifting consumer
00:07spending habits. Food prices for dining out rose over 3% compared to more than 1% for groceries,
00:14encouraging more people to cook at home. Quick service restaurants faced declining traffic with
00:19$5 value menu failing to offset the broader trend. Casual dining chains including Red Lobster and
00:26TGI Fridays struggled with bankruptcy, while Texas Roadhouse and Chili's found success with
00:32value-focused strategies. Experts predict continued focus on value and innovation in 2025 amid modest
00:39industry growth. For all things money visit benzinga.com slash gstv