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Restaurant receipts reach record high

Restaurant receipts reach record high

Posted on: 9/26/2018 | Author: ATB Financial's Economics + Research Team

​​The sleet and snow may have done away with our tomatoes (and potentially our autumn), but it’s not going to stop us from recalling this summer's sun-filled patios and reporting on a restaurant record.

In July, Albertans continued their love of eating out and spent a record amount at bars and restaurants. According to Statistics Canada, total receipts rang in at $799 million. This figure includes four major types of businesses in the food and beverage sector: fast food, full service, bars and pubs, and special food providers such as caterers.

July’s total was almost one per cent higher than June, but compared to July 2017, sales were 2.8 per cent higher. Over the last complete 12 months, total receipts are up nearly three per cent compared to the previous 12 month period.

Even though the most recent restaurant figures illustrate consumer confidence, not every restaurant is doing well. The price of fresh fruits and vegetables have been on the rise, and wages for restaurant and bar workers are higher than in the past. Many restaurant owners have had to cut into their revenues or increase prices to offset these higher expenses.

For the remainder of 2018, restaurant receipts are expected to hover near record highs. In the short term, higher-priced menu items will likely do little to dissuade Albertans from eating at their favourite restaurant.

Restaurant and bar receipts, graph

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