Restaurants Canada Revises Forecast

Graphs Courtesy of Restaurants Canada

TORONTO — Restaurant Canada has made a significant adjustment to its previous 2021 Foodservice Sales Forecast.

In the previous forecast, total commercial foodservice sales were expected to be $61.1 billion. Under the new forecast, the total has risen to $63.9 billion — an increase of $2.8 billion (nearly five per cent).

The most-significant increases are in the full-service segment as quarterly numbers are predicted to jump from around $5 to $8 billion in the waning months of 2021 to nearly $10 billion in the early months of 2022.

Drinking places, such as pubs and bars, also expect to see a significant increase in sales as the economy continues to re-open, with the forecast showing nearly a doubling in sales from the second to third quarter of 2021.

Additionally, the full-year outlook for 2022 is cause for hope as well, as Restaurants Canada expects to see a significant jump in sales. The current projections have total commercial foodservice sales growing to nearly $80 billion, compared to the $75.9 billion before the revision.

These changes can be seen as a result of a number of factors, including the vaccination rollout in the country — Canada has among the highest vaccination rates in the world when it comes to first doses — and the fact that the U.S. economy has experienced a boom after re-opening.

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