China’s burgeoning restaurant industry will likely expand its business in the West, a new report has found.
The International Food Information Council (IFIC) found that restaurant spending in the US, UK, and Germany has surged by a quarter over the last two years, and will likely reach $16.4 billion in 2018, according to a report released Tuesday.
The growth in restaurant spending is a big boon for Western consumers, the report said, as it will allow restaurants to bring in more money in the form of sales, rent, and other expenses.
The report estimated that the industry will spend $16 billion this year on sales in the United States alone.
The industry has been booming in China for years, with Chinese restaurants expanding in popularity in recent years.
The US has had the most growth, with a 4.6 percent increase, followed by Germany with 4.3 percent growth, according the IFC.
While China’s restaurant industry has taken a hit in the face of Western sanctions on the country, the IFAI said that the country has become a more hospitable place for foreign visitors, as a result of the ban.
The report said that Western consumers are becoming increasingly interested in food and dining experiences in China.
“In 2018, Westerners are spending more than $2 billion more on dining and dining out, according for 2018 data compiled by the IFIC.
In 2018, more than half of Westerners said they would choose to visit China as a holiday destination.
In the past, the Chinese government has taken action against Western tourists for visiting the country in order to take advantage of cheap flights and hotels, according.
The IFAIC found that in 2018 there were more than 3.4 million Chinese tourists, up from 1.8 million in 2017.
In the US alone, restaurant spending has increased by 7 percent over the past two years.
In Germany, restaurant spend rose 6.6 percentage points over the same time period, according IFC data.
The IFAII said that Chinese restaurants are now competing with the American and Western food markets, with American chains struggling to find space in Chinese markets.
The Chinese market is currently dominated by Korean, French, and Italian restaurants, the industry group said.