Premium Steak Restaurants in the US Industry Market Research Report from IBISWorld Has Been Updated

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Revenue will grow strongly as personal incomes rise and consumers increase their spending on discretionary items, such as expensive meals. For this reason, industry research firm IBISWorld has updated a report on the Premium Steak Restaurants industry in its growing industry report collection.

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As incomes and corporate profit declined, spending at premium steakhouses fell

The Premium Steak Restaurants industry has fared relatively well over the past five years. As the economy started recovering in 2010, consumers returned to restaurants to purchase high-end meals. Over the five years to 2015, industry revenue is expected to grow. Revenue is projected to grow in 2015, mainly a result of increased spending by wealthier consumers and companies returning to their business lunches.

According to IBISWorld Industry Analyst Antal Neville, “Despite an increase in consumer spending driving demand, this industry has had to weather higher beef costs and changes in consumer preferences toward organic and locally produced goods.” Both trends affected the way companies conducted business in this industry. Major restaurants have expanded the number of healthy options on their menus and began to source more of their ingredients from local providers. Some steakhouses have made the healthy factor a core component of their marketing strategy, enabling them to target new segments of the market. As the cost of beef directly affects profit margins, many companies have increased menu prices to offset higher food costs.

In the five years to 2020, industry revenue is expected to increase. Revenue will grow strongly as personal incomes rise and consumers increase their spending on discretionary items, such as expensive meals. “Companies will also increase their spending on the industry's products and services as corporate event and dining activities rebound,” says Neville. Despite this growth, steakhouses will continue to face high beef prices and changing consumer preferences, resulting in some companies adjusting the way they do business.

For more information, visit IBISWorld’s Premium Steak Restaurants in the US industry report page.

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IBISWorld industry Report Key Topics

The Premium Steak Restaurants 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.

Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios

About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit or call 1-800-330-3772.

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Gavin Smith
IBISWorld Inc.
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