The hospitality industry is seeing a strong recovery with year-on-year revenue figures showing consumers continuing to support bars, restaurants and cafes.
Data provided by e-commerce software company Lightspeed shows increased revenues across the sector when comparing October 2022 to October 2021.
The figures from more than 10,000 Australian venues show revenues for bars up 45 per cent, restaurants up 34 per cent, and cafes up 26 per cent.
Month-on-month revenue figures from September 2022 to October 2022 show bars up 10 per cent, restaurants up 7 per cent and cafes up 7 per cent across the country.
Revenues across all states are increasing both year-on-year and month-on-month despite cost of living pressures from inflation and rising interest rates on both businesses and consumers.
Lightspeed Australia’s Senior Director of Sales – Hospitality, Scott O’Brien, said it is nice to see customers still supporting their favourite venues.
“October, as proven by the numbers, has been a phenomenal month for the hospitality industry,” he said.
“Despite the current challenges that the industry is facing such as rising costs and inflation, venues still manage to thrive.”
Throughout Australia, Victoria has seen the biggest increase year-on-year with bar revenues up almost 90 per cent and restaurants up 71 per cent, while Western Australia has seen cafe revenues increase 37 per cent month-on-month.
South Australian bar revenues are up 21 per cent month-on-month, while NSW bars are up 71 per cent year-on-year with restaurants up 44 per cent and cafes up 35 per cent.
The smallest increase was in Queensland cafe revenues which have still held steady, up 0.6 per cent month-on-month.