Kroll：2025年餐饮行业估值及并购交易报告（英文版）

The U.S. macroeconomic backdrop, heading into the end of 2025, continued to challenge the restaurant sector in both the operating and deal environments. The Federal Reserve delivered three 25bps interest rate cuts in 2025 (75 bps total), with the last one signaling a “tougher rough ahead” for further reductions. This limited monetary easing, coupled with a softening labor market and rising unemployment, has stagnated growth in consumer discretionary income. Consumer spending patterns have con