[Infographic] Catering Industry on the Rise
This is an exciting time to be in the catering industry. As we try to grow our services and expand our presence in the San Marcos catering scene, we’re certainly not alone. The infographic below covers how this industry has been growing rapidly over the last few years as well as what it is that makes this field so appealing to new entrepreneurs. Fresh statistics are served!
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1. The catering industry boasts 12 billion dollars in total revenue. This is the result of a 9.3% annual growth in the last 5 years—pretty fast if you ask us.
2. The top 50 catering businesses account for only 15% of the industry’s total wealth. This stat is especially appealing for new businesses as it shows that there are no overwhelming presences, giving everyone a chance to thrive.
3. The industry employs over 235,000 employees in over 11,000 businesses. That averages out to just over 21 employees per business.
4. One thing that makes catering so easy for new businesses to get into is the fact that owners will spend only 5 cents of capital for every whole dollar of labor. This means most of the overhead of running a catering business is employee wages; there’s not too much equipment to invest in.
5. Apart from the relative ease of getting into the business, what economic forces are behind this recent explosive growth? Increase in corporate profits along with consumer spending are responsible—most catering requests come from company parties and other social gatherings.
Enjoyed these savory stats? Stay tuned to our blog for more information like this; we hope to keep them coming in the future!