Restaurant Equipment Growth - How will it affect financing?
Third quarter sales of foodservice and restaurant equipment and supplies increased 3.8% up from 3.1 and 3.3 growth in the 1st and 2nd quarter of 2014, according to MAFSI, the Manufacturer's Agent Association of the Foodservice Industry. This is shorter than the initial projection, which was 5.7%. Broken down by sector, the equipment sales grew 4.1%. A survey of MAFSI showed that the market is "losing steam" as 48% of reps reported more quoting activity compared to 56% and 53% in quarter 1 & 2 this year.
This data seems to suggest that the restaurant equipment industry is growing along the same trajectory as the overall economy. The economy is growing around 3% GDP right now. Restaurant equipment sales tend to be highly seasonal with the 2nd and 3rd quarters typically outperforming the 1st and 4th quarters. People tend to visit restaurants less frequently during the cold winter months in most parts of the country. During the warm spring and summer months, many restaurants open up and need more equipment.
Leasing restaurant equipment with Copley Funding can help restaurant equipment vendors or purchasers increase they amount of equipment they can sell or buy by providing low, fixed monthly payments and requiring little downpayment. Copley Funding can provide restaurant equipment financing for start-up businesses as well as well-established restaurants or food service companies. For additional benefits please visit here.