NEW YORK, Dec. 20, 2016 /PRNewswire/ -- While revenue growth experienced some volatility over the early half of the period, primarily as a result of shaky consumer confidence, the industry is still expected to grow at an annualized rate of 1.2% to $25.4 billion over the five years to 2016. Industry revenue is expected to increase 2.9% in 2016 alone, as per capita alcohol consumption and disposable income pick up, allowing people to spend more of their pay at bars and nightclubs.
For the full report, visit IBISWorld's Bars & Nightclubs in the U.S. industry report page.
According to IBISWorld Industry Analyst Andrew Alvarez, "Bar and nightclub operators have attempted to respond to volatile growth and increased competition by diversifying into a range of new concepts such as wine bars, cocktail lounges and brewpubs." As a result, the industry has become more fragmented because drinking establishments are catering to a larger range of niche markets. Many of the remaining establishments have adapted their menus and entertainment offerings to accommodate consumer tastes.
Over the five years to 2021, the industry is projected to continue facing competition from in-home alcohol consumption and nonindustry establishments that also serve alcohol, such as restaurants. In spite of these factors, the industry's financial performance is forecast to remain relatively steady as the economy improves and consumer spending increases.
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IBISWorld Industry Report Key Topics
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