IBISWorld published brand new research on the Premium Steak Restaurants industry. Here are several findings from the attached report:
In 2011, revenue is projected to grow by a strong 6.1% as a result of wealthy individuals quickly recovering from the recession and increasing their consumer spending and companies returning to their business lunches, which are often done at high-end restaurants such as steakhouses. In the next five years to 2016, industry revenue is expected to increase at an average annual rate of 3.3% to $6.3 billion. With profit margins averaging 4.9% in 2011, this is an attractive market for new restaurants.
As such, industry company numbers are expected to increase an average 0.9% per year to 295 companies in the five years to 2016
Prior to the recession growing revenue allowed companies to open many new restaurants; in 2006 and 2007, revenue grew 6.9% and 7.4%, respectively. Establis,hment numbers grew 5.4% and 2.4% in 2006 and 2007
From 2011 to 2016, the number of households earning more than $100,000 is projected to increase 1.6% per year. As households become more affluent, spending on luxury items is expected to increase
Corporate profit is forecast to increase at an average annual rate of 6.2% per year from 2011 to 2016. As corporate profit expands, IBISWorld expects companies to increase their business lunches and events, benefiting the Premium Steak Restaurant industry
Major players and their market share include Ruth’s Hospitality Group (7.1%), Morton’s Steakhouse (5.3%) and Darden Restaurants (4.9%)
Please feel free to use any data or analysis from the attached report. We just ask that you source IBISWorld and link back to the report on our website at http://www.ibisworld.com/industry/premium-steak-restaurants.html. If you have questions or wish to speak with the analyst who authored the report, please let me know.