The restaurant industry 2024 was marked by fierce competition and shifting consumer spending habits. Food prices for dining out rose over 3% compared to more than 1% for groceries, encouraging more people to cook at home. Quick-service restaurants faced declining traffic, with $5 value meals failing to offset the broader trend. Casual-dining chains, including Red Lobster and TGI Fridays, struggled with bankruptcy, while Texas Roadhouse and Chili’s found success with value-focused strategies. Experts predict continued focus on value and innovation in 2025 amid modest industry growth.
