Sales in the foodservice sector have shown a significant jump in recent times according to the ABS (Australian Bureau of Statistics).
The ABS January report revealed that cafes, restaurants and bars experienced the largest year-to-year jump for any of the business sectors with an impressive 11.3% increase in sales. A leading economist Torsten Slok said that the decline in oil prices had certainly led to increased spending within the restaurant sector. Providing direct evidence of this, the restaurant index has risen to its highest level in the last 10 years.
It is interesting to note that at the same time last year the ABS recorded similar growth rates with a jump of 10.6% in the restaurant, cafe and catering sectors.
At that time the CEO of Restaurant and Catering Australia. John Hart, said that the increases represented a very positive result for the industry.