Restaurants are a big part of many Americans' lives. They are also a massive part of the U.S. economy. Watch this short video to learn five things you didn't know about the restaurant industry.
Donate today to PragerU! http://l.prageru.com/2ylo1Yt
Joining PragerU is free! Sign up now to get all our videos as soon as they're released. http://prageru.com/signup
This video is part of a collaborative business and economics project with Job Creators Network. To learn more about JCN, visit www.jobcreatorsnetwork.com.
Download Pragerpedia on your iPhone or Android! Thousands of sources and facts at your fingertips.
Join Prager United to get new swag every quarter, exclusive early access to our videos, and an annual TownHall phone call with Dennis Prager! http://l.prageru.com/2c9n6ys
Join PragerU's text list to have these videos, free merchandise giveaways and breaking announcements sent directly to your phone! https://optin.mobiniti.com/prageru
Do you shop on Amazon? Click https://smile.amazon.com and a percentage of every Amazon purchase will be donated to PragerU. Same great products. Same low price. Shopping made meaningful.
VISIT PragerU! https://www.prageru.com
PragerU is on Snapchat!
For Students: http://l.prageru.com/29SgPaX
JOIN our Educators Network! http://l.prageru.com/2c8vsff
The restaurant industry in the U.S. is vast and is a part of daily life in Americaâwith 57 percent of us eating at a restaurant at least once a week.
In fact, for the first time in recorded history, U.S. consumers are spending more money at restaurants than at grocery stores.
With the restaurant industry growing and becoming more prevalent every year, here are 5 things you need to know about the restaurant industry:
Number one: In 2016 there were more than 1 million restaurant locations in the U.S. and they generate annual sales of $780 billion.
Number two: According to the U.S. Bureau of Labor Statistics, in 2017 the restaurant industry employed 12 million peopleâenough to fill Chicago's Soldier Field almost two hundred times over.
Number three: 425,000 of the 1 million restaurants located in the U.S. are either independently owned or ran by a franchiseeâwhich means many of these establishments are considered small businesses. You see, while franchised restaurants are associated with a larger corporate body, the franchisee who owns and operates the establishment is not much different than the mom-and-pop diner down the street.
Number four: The average profit margin for U.S. restaurants usually hovers between 4 and 6 percentâmeaning for every dollar in sales, the business owner only collects 4 to 6 cents. However, profit margins have historically been known to drop to as low as 1.4 percent.
Number five: 33 percent of restaurant revenue goes towards paying wages, which means that government mandated increases in the entry-level wage can be really hurt an independent restaurant owner or franchisee. A business owner can only raise prices so much before customers start going away.
The restaurant industry plays a vital role in both the lives of ordinary Americans and the U.S. economy.
Manage research, learning and skills at NCR Works. Create an account using LinkedIn to manage and organize your omni-channel knowledge. NCR Works is like a shopping cart for information -- helping you to save, discuss and share.