In 2024, the restaurant industry will likely see continued growth in fast casual and health-conscious segments, with fine dining experiencing more realistic growth rates. Therefore, I think fundamentally sound restaurant stocks, Chuy's Holdings, Inc. (CHUY), Rave Restaurant Group, Inc. (RAVE), and Nathan's Famous, Inc. (NATH), could push investors portfolio towards success.
The United States full-service restaurant market is expected to grow at a CAGR of 11.3% until 2029. A significant rise in tourist arrivals is driving the market growth, helping to capitalize on the opportunities presented by the influx of visitors. Also, with the rise in out-of-home consumption after COVID-19, 80% of US people prefer ethnic cuisines at least once a month in fine dining restaurants.
