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Restaurant sales reach new record

Restaurant sales reach new record

Posted on: 8/28/2018 | Author: ATB Financial's Economics + Research Team

​​Albertans got summer off to a sizzling start this year by setting a new record for spending at bars and restaurants. According to Statistics Canada, total receipts rang in at $788 million in June. The 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.

June’s total was 1.5 per cent higher than May’s. Compared to June of last year, sales were 2.3 per cent higher. Over the last complete 12 months, total receipts are up nearly 3 per cent compared to the previous 12 month period.

The latest restaurant figures confirm consumers are feeling positive about the future of the economy, their job situation, and the overall steadiness of the restaurant industry. But not every restaurant is prospering. The price of fresh produce has been on the rise, as have wages for restaurant and bar workers. Restaurateurs have had to dig into their revenues to offset these higher expenses.

Still, Alberta's restaurant industry is performing very well in 2018. A warm summer and Alberta’s diverse festival schedule have helped boost people's restaurant spending into record-setting territory.

Restaurant receipts, graph​​

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