Le Lézard
Classified in: Business, Covid-19 virus
Subjects: NPT, SVY, ECO

Restaurant Industry Financial Security in Danger of Being Wiped Out by Delta Variant

WASHINGTON, Aug. 24, 2021 /PRNewswire/ -- Today, the National Restaurant Association and its state restaurant association partners sent a letter to Congressional leadership, sharing concerning new consumer confidence survey findings and urging swift replenishment of the Restaurant Revitalization Fund (RRF).

The survey found that a majority of consumers have already changed their dining behavior, which is beginning to put acute pressure back on the restaurant industry. This faltering consumer confidence comes on top of food and labor costs that are increasing at their fastest pace in several years, continued indoor capacity limits in 11 states, and crushing long-term debt loads for countless restaurant owners.

Specifically, the survey found:

"For an industry that requires a 'full house' every evening to make a profit, this is a dangerous trend," said Sean Kennedy, executive vice president of Public Affairs for the National Restaurant Association. "These changes indicate declining consumer confidence that will make it more difficult for most restaurant owners to maintain their delicate financial stability."

The letter urges Congress to complete the mission of the RRF and provide adequate funds to replenish the program and offer relief for the applications still pending.

"The rise of coronavirus variants like delta threaten to push these restaurants closer to permanently closing their doors," added Kennedy. The RRF has proven its effectiveness in every state, saving restaurants, workers, and the suppliers who depend on their business. The small gains that our industry has made toward financial security are in danger of being wiped out, dashing the hopes of communities, entrepreneurs, and consumers nationwide."

177,000 RRF applications that totaled $43.6 billion in grants are still pending.

While the first half of 2021 showed positive gains for the industry, there is still a long road ahead, especially for fullservice restaurants facing the greatest threat from new government restrictions in response to the delta variant.

Read the full letter here.


About the National Restaurant Association
Founded in 1919, the National Restaurant Association is the leading business association for the restaurant industry, which comprises 1 million restaurant and foodservice outlets and a workforce of 15.6 million employees. We represent the industry in Washington, D.C., and advocate on its behalf. We sponsor the industry's largest trade show (National Restaurant Association Show); leading food safety training and certification program (ServSafe); unique career-building high school program (the NRAEF's ProStart). For more information, visit Restaurant.org and find us on Twitter @WeRRestaurantsFacebook and YouTube.

Contact: Vanessa Sink
Media Relations Director
[email protected]

SOURCE National Restaurant Association

These press releases may also interest you

at 19:01
AlayaCare, an end-to-end platform for home-based care, today announced its founder and CEO, Adrian Schauer, was selected as one of the Top Digital Health Executives for 2023. Digital Health Canada annually...

at 19:00
The "Buy Now Pay Later Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering. The global buy now pay later market grew from $105.15 billion in 2022 to $155.79 billion in 2023 at a compound annual growth rate (CAGR) of...

at 19:00
The third-party logistics market in India is estimated to grow by USD 13,978.33 million during 2022-2027. However, the growth momentum will progress at a CAGR of  8.62%  during the forecast period. The market is segmented by service (transportation,...

at 18:45
The "Medical Device Outsourcing: Global Strategic Business Report" report has been added to  ResearchAndMarkets.com's offering. Global Medical Device Outsourcing Market to Reach $212.1 Billion by 2030 In the changed post COVID-19 business landscape,...

at 18:30
The child care market is set to grow by USD 189.07 billion from 2022 to 2027. The market is projected to be progressing at a CAGR of 12.8% during the forecast period. The report offers an up-to-date analysis regarding the current global market...

at 18:15
The "Small Arms: Global Strategic Business Report" report has been added to  ResearchAndMarkets.com's offering. Global Small Arms Market to Reach $10.8 Billion by 2030 In the changed post COVID-19 business landscape, the global market for Small Arms...

News published on and distributed by: