Restaurant Trends August 2023
US Quick-Service Sales & Traffic Performance
The following is a snapshot of US Quick-Service Restaurant (QSR) trends for July 2023.
Overview
QSR US traffic is down -1.8% compared to July 2022, and experienced a slight decrease from the previous month.
Average price increased by +9.3% YOY, but has been decreasing since April, confirming a slowdown in pricing activity compared to 2022.
Breakdown of Monthly QSR Performance Trends
When compared to July 2022:
- Net sales remain positive at +3.9% YOY.
- Traffic is down -1.8% YOY. Sales continue to be driven by average check increases (+5.8% YOY).
- QSR average price increased by +9.3% YOY.
- Quantity per transaction decreased by -3.3% YOY, indicating that consumers are ordering fewer items to spend less.
QSR Dayparts
- Dinner continues to outperform other dayparts. Traffic is up +0.6% YOY.
- Lunch performance is down -3.3% compared to last year, and breakfast is down -4.1% YOY.
QSR Revenue Channels
- Despite possible service and fee costs, delivery is the top-performing channel, up +19.9% YOY.
- Dine-in traffic increased +12.4% YOY.
- Takeout (+10.1%) performed positively YOY.
- Drive-thru traffic is down -7.4% YOY.
A volatile, inflationary environment requires highly focused, data-driven solutions. Access RMS’ additional resources or reach out today with questions. We’re here to help.
Consultant’s Corner
Embracing AI: A Recipe for Success in the Restaurant Industry
Artificial Intelligence (AI) has revolutionized the way restaurant brands can gain competitive advantage. Now, restaurant operators can access timely, relevant and clean competitor pricing data and track price fluctuations across the industry with RMS’ newest solution, Competitor Price Intelligence. RMS’ Jana Zschieschang shares more about AI’s role in the restaurant industry and RMS’ Competitor Price Intelligence in a recent article on Modern Restaurant Management (MRM) magazine.
RMS is ready to support restaurant brands through ever-changing times. Reach out to us today for practical strategies to optimize your menu profitability, sales and financial health.
