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In 2008, the restaurant industry experienced a significant downturn due to the global financial crisis. Reduced disposable income led consumers to tighten their belts and cut back on dining out, causing many restaurants to struggle with profitability. This ultimately led to closures and a notable shift in the industry landscape.
Fast-forward to 2024, and we are witnessing a similar pattern. Several factors contribute to the declining sentiment in the restaurant sector. Rising prices and inflation are significant concerns. Just as in 2008, inflation is once again on the rise. The cost of ingredients, labor, and operations has increased, forcing restaurants to raise their prices, making dining out less attractive to price-sensitive consumers.
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