CGA by NIQ works with food and beverage suppliers, consumer brand owners, wholesalers, government entities, pubs, bars and restaurants to protect and shape the future of the On Premise experience.
The quarterly poll shows more than half (54%) of leaders feel optimistic about prospects for their business over the next 12 months. This is an increase of seven percentage points from the January survey, and well over double the number (22%) who feel pessimistic.
The proportion of leaders feeling confident about the eating and drinking out market in general has risen even more sharply quarter-on-quarter—by ten percentage points to 40%. However, all figures remain below the levels seen before the Covid-19 pandemic, and the Business Confidence Survey reveals the ongoing impacts of inflation on hospitality.
A quarter (25%) of leaders say their business operated at a loss in the first quarter of 2023, while 32% say their profitability has been below last year’s levels.
Sebastien Sepierre, managing director – EMEA, Fourth, said: “It’s encouraging to see business confidence rise across the sector in recent months, despite soaring product costs, labour shortages, and sky-high energy bills continuing to ravage the sector.
“It’s crucial that businesses are getting access to as much support as they can get and are utilising the right tools and technology to help them operate as efficiently as possible, giving sector businesses full control and oversight of their spending across labour and supply.”