Despite "huge growth" in the industry over the past seven years, the recession had heightened the difficulties faced by some restaurateurs, Restaurant Association of New Zealand chief executive Alistair Rowe said.
Restaurateurs who "batten down the hatches" were suffering, while those marketing their business were performing well, he said.
Illustrating the volatility of the sector, one high-profile Auckland restaurant recently recorded its best and worst day of trade in the same week.
"People have the potential to make a lot of money but they have to be very good at hospitality and at business."
Several fine-dining restaurants in Dunedin, including A Cow Called Berta, had closed, with Dunedin Railway Station-based Scotia Restaurant and Whisky Bar set to move into the vacant Stuart St site.
Other restaurants considering whether to renew their leases include High Tide Waterfront Restaurant later this year, and Bell Pepper Blues next year.
Bell Pepper Blues owner/operator Michael Coughlin said the economic climate was making things difficult "but there may be people who see that differently".
Two Chefs owner/operator Grant Cockroft said the bistro he ran with fellow chef Helen Mason "may have the recipe for success" as it had made its budget on all but three days since opening in December.
The bistro had recently employed staff from A Cow Called Berta and High Tide to cope with bookings, he said.
Table Seven owner and president of the Dunedin branch of the Restaurant Association of New Zealand Steve Richardson said it appeared fewer people were dining out on weekdays, with customers preferring to dine out on weekends and at lunchtimes.
Customers' average spending appeared to be down slightly on previous years, with diners often opting to go without an entree or an expensive bottle of wine, he said.
Three University of Otago graduations last month resulted in a a busy May for the business: "On May 16, we could have booked out the restaurant 10 times over, so there are still customers out there."
Otago Polytechnic cookery project manager Tony Heptinstall said the number of hospitality jobs advertised had declined notably, with kitchen-hand jobs attracting as many as 50 applicants.
Dunedin and Invercargill restaurants were faring better than Christchurch, where the industry was experiencing a large number of closures.
The industry was noticing a movement from fine dining to casual dining, with tapas - small courses at reasonable prices - proving popular with diners overseas, as an increasing number of people were entertaining at home.
"It is great that people are sitting around a table and eating together . . . It is teaching people about food and creates more interest."
While fast-food outlets were performing strongly, eateries using cheaper ingredients such as pizza, pasta, noodles and rice were also doing well.
The recession was not the end for fine-dining restaurants, but offered budding restaurateurs the opportunity to open a business, with plenty of equipment available and the opportunity to employ top quality staff.
Restaurants offering exceptional service appeared to be performing well despite the downturn, as "people will forgive mediocre food but they will never forgive mediocre service", Mr Heptinstall said.
