Key facts
- Buffet restaurants are experiencing a resurgence after significant pandemic-related setbacks.
- The buffet industry was valued at $5.5 billion in 2022, up 9% from 2021, according to IBISWorld.
- Budget-friendly buffets are booming, offering comfort foods for under $20 per person.
- High-end buffets, like Las Vegas' Wicked Spoon, are also seeing strong performance.
- The concept of buffet-style dining dates back to 16th-century Sweden.
Buffet restaurants, once a staple of the dining landscape, are making a notable comeback after facing significant challenges from the COVID-19 pandemic and the rise of health-conscious trends like GLP-1 medications. While the industry saw many closures, including popular chains like Souplantation and Sweet Tomatoes, and bankruptcy for Old Country Buffet, a resurgence is now underway.
According to IBISWorld, the buffet industry was valued at $5.5 billion in 2022, marking a 9% increase from the previous year. This growth is attributed to several factors, including budget-friendly pricing in an era of high inflation and a renewed desire for shared dining experiences. Restaurants like Golden Corral are reporting increased sales, with their all-you-can-eat options often priced under $20 per person.
The appeal extends to higher-end establishments as well. Mark Crane, executive chef at the Cosmopolitan of Las Vegas’ Wicked Spoon, noted a "fantastic" business performance post-pandemic, with their weekend brunch costing $74. This suggests a dual trend of value-seeking consumers and those looking for indulgent, experience-driven dining.
The historical roots of the buffet concept trace back to 16th-century Sweden with the brännvinsbord, which evolved into the smorgasbord. The American buffet model, as exemplified by Herb McDonald's "Buckaroo Buffet" at El Rancho Vegas in the 1940s, focused on convenience and value for patrons, particularly gamblers. Modern buffets, while different from their predecessors, are tapping into similar desires for variety and predictable costs, further fueled by social media's appetite for visually appealing food displays.