华利安（Houlihan Lokey）：2025美国餐饮行业夏季更新报告（英文版）（15页）.pdf

1、Summer 2025U.S.Restaurant Industry UpdateRestaurant Market From 30,000 Feet201Operator Pressures in a Challenging Macro EnvironmentRestaurant operators are navigating a complex environment shaped by tight labor markets,elevated wage inflation,and rising input costs.Supply chain volatility and broade

2、r economic uncertainty are pressuring margins,while interest rates and capital availability influence expansion strategies and investment decisions.These factors are forcing operators to carefully balance cost management,efficiency,and organic and inorganic growth initiatives to remain competitive.0

3、4Casual Dining Emerges as the Preferred Trade-Up OptionHistorically,high-growth fast casual brands such as Chipotle,CAVA,and Sweetgreen are showing softness as they lap strong quarters and traffic slows.Casual dining attracts spend by delivering stronger value for the dollar,serving as a trade-up op

4、tion when consumers choose to dine out,and offering a fuller sit-down experience that fast casual formats cannot replicate.05Consumers Remain Willing to Pay a Premium for CoffeeDespite inflationary pressures,consumers continue to pay up for quality coffee,with 45%of adults reporting having had a“spe

5、cialty”coffee in the past 24 hours.High-quality coffee and beverage concepts such as Philz,Gregorys,and the Blackstone-backed Black Rock Coffee Bar are gaining momentum,attracting both investor interest and customers as larger incumbents face increasing operational and competitive pressure.03Selecti

6、ve Spending Shapes Consumer BehaviorFor most of Q1 2025,food-at-home and food-away-from-home inflation moved in tandem.Most recently,the two trends diverged,with restaurant prices rising faster than groceries.As a result,consumers are becoming more selective with dining occasions,eating out less oft