Buoyed by a stable, growing economy and low unemployment, IFMA projects that the FAFH industry will grow 0.9%, on a real basis, in 2024. This comes off a better-than-expected growth of 1.2%, on a real basis, in 2023. The forecast models were created in conjunction with Datassential, a leading foodservice research firm and validated by operators from the IFMA Foodservice Leadership Councils.
Fears of an economic recession in 2023 proved false, helping to fuel increased visits and spending by consumers. IFMA expects this consumer-led growth to continue into 2024, barring any disruptions from overseas military conflicts. Additionally, price inflation in the FAFH industry will continue into 2024, with IFMA projecting a 5% inflation growth rate, leading to an overall nominal growth projection, in 2024, of 5.9%.