Industry Update: March 15, 2023
Good Afternoon,
You're invited to join me and other tourism and hospitality industry leaders at the State House next Wednesday, March 22, to engage with legislators and raise awareness of the collective contributions of these industries to the Vermont economy. Leslie McCrorey Wells will be there representing the voice of VTIR during a Joint Hearing on The Visitor Economy. We encourage you to attend and show your support. Learn more and let us know if we'll see you there.
The top things you need to know are highlighted below:
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As you are well aware, it is becoming increasingly difficult and more expensive to purchase liquor liability insurance in the state of Vermont. The Vermont Chamber and VTIR are advocating for H.288, legislation to amend the statutes governing liability for the sale of alcoholic beverages. VTIR leadership members testified that if this issue is not addressed urgently, their businesses are at risk of becoming inoperable in Vermont. Learn more.
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The 2023 State of the Restaurant Industry report, from the National Restaurant Association (NRA), shows that restaurants are recovering post-pandemic and are adapting to new-normal practices.
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View the Department of Liquor and Lottery's On-Premise Sales Program for March, April, and May.
Last week, to continue efforts to increase awareness on liquor liability insurance, Chris Karr, of the Karr Group, and I were featured on WCAX talking about the aforementioned liquor liability insurance issue. If you have any specific concerns or would like to share your story, please don't hesitate to reach out.
Best,
Amy Spear
VTIR Director
Vermont Chamber VP of Tourism
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Industry Insights & Resources |
2023 State of the Restaurant Industry Report
The 2023 State of the Restaurant Industry report confirms that 70% of restaurant operators believe business conditions have returned to normal or are on the path to it. Among this year’s key findings:
- Sales are forecast to reach $997B, up from $937B in 2022.
- The entire foodservice industry is expected to add 500K jobs, to reach 15.5M in 2023.
- 47% of restaurant operators expect competition to be more intense this year than last.
- Restaurant value deals, including loyalty and subscription programs, are popular.
- 64% of adult consumers say restaurants are essential to their lifestyle.
Read the report to learn more about operational, workforce, food, and menu trends, and see a sales and economic forecast.
Inflation Remains Primary Concern for Restaurant Operators
According to Toast's Q4 2022 Restaurant Trends Report, despite cooling, inflation remained a top concern for restaurant operators and guests. Read the full report to learn more insights and trends.
Bars, Hotels Fuel Job Market
Why It Matters:
With tech cutting back, it's a role reversal from peak COVID. The service industry, which is bigger than the information industry in terms of private-sector employees, helped keep the unemployment rate at a 53-year low. Leisure and hospitality added 128,000 workers in January, according to the Labor Department's latest jobs report. The information industry lost 5,000.
Consumer Spending Continued to Rise in January
Eating and drinking places hit $95.5B in sales on a seasonally adjusted basis in January, up from sales volumes of roughly $89B in both November and December. Consumers are expected to stay resilient in the coming months, even in the face of an economy that’s likely to slow. Read more.
New Tipped Employee-Related Compliance Assistance Resources
The U.S. Department of Labor’s Wage and Hour Division (WHD) recently released two fact sheets relating to protections for tipped workers:
- Fact Sheet #15: Tipped Employees under the Fair Labor Standards Act (FLSA)
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Fact Sheet #15A: Tipped Employees under the Fair Labor Standards Act (FLSA) and Dual Jobs
Restaurant Innovation Featured on the Today Show
In an interview with the Today Show, Hudson Riehle, NRA's SVP of Research & Knowledge, shared some of the innovative methods restaurants are using to enhance value in response to having to raise menu prices. “Operators have become very innovative in how they operate in a high-cost environment,” Riehle says. Learn more.
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The Vermont Chamber in Action |
Save the Date: Tourism Day at the State House
Travel spending by visitors has a $3.2 billion economic impact annually. Join the tourism and hospitality industry at the State House on Wednesday, March 22 to raise awareness of the importance of the industry in Vermont to legislators. Learn more and let us know if we'll see you there.
Business Leaders Testify on Liquor Liability Insurance Concerns
To address liquor liability insurance concerns, the Vermont Chamber and Vermont Independent Restaurants (VTIR) are advocating for H.288, legislation that would amend the statutes governing liability for the sale of alcoholic beverages. Vermont’s statutes, which have not been amended since 1987, make Vermont an outlier and undesirable state to insure in. VTIR leadership members Chris Karr of the Killington-based Karr Group and Alex Crothers of Higher Ground testified that if this issue is not addressed urgently, their businesses are at risk of becoming inoperable in Vermont. Learn more.
In Other News:
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Top State Tourism Destination Seeks Restaurant Operator
The Vermont Division for Historic Preservation is looking for a qualified restaurant or hospitality business to operate the Wilder House Restaurant at the President Calvin Coolidge State Historic Site in Plymouth Notch, Vermont. The restaurant operates from early spring through late fall and sees tens of thousands of visitors each season. Potential bidders who would like to tour the restaurant space can do so at 1 PM on March 8 or March 15. All bids are due by March 31. Read more.
38th Vermont Tourism Summit
The Vermont Tourism Summit will be held April 26-27, 2023 at the Stoweflake Mountain Resort & Spa. Learn more and review the schedule of events. Attendee registration opens in January.
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Welcoming Groups and Motorcoaches to Vermont |
As part of the Chamber's Vermont Tourism Marketing program, the Vermont Tourism Network is the official domestic group tour marketer for Vermont. Do you want more group tours? VTN is the official motorcoach resource for planning group tours to Vermont. Contact Marc Plouffe to learn more.
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Vermont Chamber of Commerce
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