Success of Restaurant and Retail Sales in 2022
While the media may be delivering stories of a doom and gloom retail market, the numbers don’t lie! Statistics show that 2022 was a great year for retail and restaurant sales. Here is what we know about last year’s sales and this year’s trends!
Retail Sales 2022
The advanced monthly sales for retail and food services for November 2022 state that estimates were $689.4 billion. This estimate is down 0.6% from September 2022, but up 6.5% from November of the previous year. From September through November 2022, total sales increased by 7.7% in comparison to the same period the previous year.
Globest.com reports that US retail sales increased 7.6% year-over-year for the period running November 1 through December 24, excluding automotive.
Retail Trends for 2023
With the pandemic draining the fun out of retail with rising inflation, supply chain issues and economic uncertainty, the new year is the perfect time for retailers to reset with an optimistic mindset. Here are five of the biggest retail trends taking charge in 2023, according to Forbes:
Media Networks – Promoting your physical retail store and website through paid advertising space on mobile apps, websites, streaming services and in-store displays will promote retail growth.
Social Media Monitoring – Retrieving and analyzing information on how social media users talk about a particular brand or retailer can help better understand consumers’ preferences, sentiments and attitudes toward companies.
Hybrid Shopping – Synchronizing business functions across all shopping platforms, including in-store, online, social media, living streaming and more, provides a seamless experience for shoppers and an organized flow for merchants, marketing and digital teams, store operations and financing.
Shifts in Store Designs – Store designs have become critical since the pandemic. Retailers continue to rescale their storefronts and add special features such as curbside pickup, pick-up in-store and fulfillment from stores.
Consumer Setbacks – 2023 is the year of slow consumption, with growth in participation in thrifting, recycling, repairing and reusing! More consumers will be invested in the product life cycle and will buy less from fast-fashion and chain, corporate stores.
Restaurant Sales
According to Tripleseat, sales for the overall food industry were anticipated to reach $898 billion by the end of 2022. Increasing by 10.9% from 2021, full-service restaurants reached approximately $289 billion in sales for 2022. The limited-service restaurant segment made approximately $355 billion in sales for 2022, increasing by 7.9% from the previous year.
Food Trends for 2023
Restaurant operators are ready to provide consumers with creative takes on traditional foods with fresh flavors and products. Here are the top 2023 food trends, according to The Wicked Noodle:
Food Trends for 2023
Rrestaurant operators are ready to provide consumers with creative takes on traditional foods with fresh flavors and products. Here are the top 2023 food trends, according to The Wicked Noodle:
Ube – Originated in the Philippines, this purple yam has a warm, vanilla-esque flavor that works incredibly well with sweet desserts and savory entrees. Look forward to seeing more Ube in dessert shops, bakeries and gastropubs!
Sweet & Spicy Foods – This interesting combo includes chili dark chocolate bars, hot honey and sweet and spicy chicken! Inspired by South Korean cuisine, sweet and spicy foods will be everywhere in 2023!
Butter Boards – This viral TikTok trend is here to stay! Butter boards are charcuterie boards that are butter based and are served with a multitude of toppings to make a delicious one-of-a-kind butter. Toppings can include salsa, fresh herbs, honey drizzle, roasted garlic and so much more!
To see the full list of food trends happening in the new year, visit www.TheWickedNoodle.com.
The terra alma team is excited to work with emerging restaurant and retail brands to help them have a successful 2023 and find their perfect space! Contact us today at 404-436-1045 or visit www.terraalma.com/contact.