Premium Steak Restaurants
The Premium Steak Restaurants industry has benefited from a rise in demand over the past five years. Although consumer spending primarily drives industry sales, steakhouses have long been a client-friendly dining option for business travelers as well. As the economy improves and corporate profit rises, many businesses will increase their travel expenditure, indirectly improving this industry's sales. Over the next five years, industry revenue will continue to grow, albeit at a slower rate. Demand for steak restaurants will increase as consumers with greater incomes continue to recover from the recession and businesses expand their spending on eating out. Furthermore, the price of beef is expected to continue falling, contributing to widening profit margins among industry consumers. Healthy options and responsibly produced beef will become greater priorities for consumers, increasing potential markups as well.
The industry includes chain, franchised and single-location restaurants that provide premium steak to consumers. Customers order and are served by waiters or waitresses while seated, and they pay after eating. These establishments may provide food services in combination with selling alcoholic and other beverages.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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