The restaurant sector has been one of the hardest hit by the current economic crisis, with skyrocketing costs and less consumer spending causing restaurants to go bust faster than any other industry in Australia. According to the Australian Securities and Investments Commission, accommodation and food businesses have experienced the fastest-rising insolvency rates in the nation. Huge spikes in operational costs and less consumer spending have seen restaurant owners make far less margin than before, with four in 10 eateries reporting they were in a more difficult financial position than a year ago.
But a new report has found fresh optimism for the sector, as food delivery services create an additional revenue stream for restaurants that have been struggling to stay afloat. Nearly half of restaurant owners think they will be in a less difficult financial position in the next 12 months, as online food delivery services help them diversify their revenue streams. According to The Pulse Check: Restaurant Report 2024, 25 per cent of restaurant owners reported that revenue from food delivery services has helped their business stay open.
The report uses data from the Restaurant and Catering Association, MasterCard and Uber Eats, providing insights into 60,000 small businesses and 300,000 people working in the sector. Almost all businesses that took part in the survey said that food delivery platforms have increased their revenue in the past 12 months, with 42 per cent saying it increa.