Chipotle Started the Fire
Since 1999, the fast casual restaurant industry has seen enormous amounts of growth. According to recent data released from Euromonitor, a market research firm, this sector has seen more than ten times the amount of growth as the fast food industry in the same time frame. The data also shows that Americans spent more than $21 billion at fast casual restaurants in 2014.
Chipotle, a fast-casual Mexican restaurant known for its build-your-own-burrito concept, is used as the example of the pioneer in the fast-casual industry. Now one of the fastest-growing restaurant franchises nationwide, the chain has seen its sales quadruple since 1999.
Millennials Drive the Fire
Not surprisingly, the biggest fans of the fast-casual market sector are millennials, who seek out these restaurants as healthier alternatives to their fast-food counterparts. This generation finds themselves even shorter on time than prior generations, and wants a variety of food options that are health conscious and reasonably priced.
Due to consumer demand, the NPD market research group predicts that fast casual restaurants will continue to see double-digit growth each year through 2022, while the rest of the restaurant industry will only see about half a percentage point of growth each year. Bonnie Riggs, an industry analysis for NPD market research group said, “We noticed this incredible thing at the start of the recession. Traffic in the restaurant industry was negative for years in a row, which we had never seen before. Quick service was flat, full service was flat, but the fast casual was growing in the double digits even during the height of the recession.”
Bruges Helps Fuel the Fire
Though the fast casual restaurants may not see the revenue stream of restaurant giants like McDonald’s, they are growing at rates that are not seen in the quick service market. In fact, NPD reported that sales of fast casual franchises grew by 10.5% in 2014 alone, far above the 6% seen by fast food chains.
Bruges Waffles & Frites is bringing a fresh concept of authentic Belgian cuisine to the fast casual market industry. It is our goal to add to the continual growth the market is experiencing as we begin offering franchises throughout the Mountain West. If you are ready to fuel the fire of the fast casual restaurant industry with one of the hottest new trends, visit our online discovery center today!
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