Premium Steak Restaurants in the US - Industry Market Research Report

Premium Steak Restaurants in the US - Industry Market Research Report

Premium Steak Restaurants in the US

The Premium Steak Restaurants industry has fared relatively well most of the past five years, following similarly positive trends in the domestic economy. The industry is characterized by high-end dining establishments, with average customer checks totaling $50.00 or more. As a result, growth in per capita disposable income, consumer confidence and spending and the prevalence of households earning more than $100,000 in annual income has benefited the industry, enabling consumers to opt for premium steak establishments for dining experiences. However, the industry suffered significant revenue losses in 2020 due to the nonessential business closure order from the COVID-19 outbreak. Fortunately, the restrictions were eased in 2021 as the coronavirus vaccine has been rolled out, enabling premium steak restaurants to reopen for dine-in services. Although industry revenue recovered, rising inflation pressured industry revenue as customers reduced discretionary expenses. Over the five years to 2023, IBISWorld expects industry revenue to fall an annualized 1.6% to $6.7 billion, including a decline of 0.5% in 2023 alone.

The industry includes chain, franchised and single-location restaurants that provide premium steak to consumers. Customers order and are served by waiters or waitresses while seated, and they pay after eating. These establishments may provide food services in combination with selling alcoholic and other beverages.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.