Restaurant Trends July 2023
Q2 2023 US Quick-Service Sales & Traffic Performance
In Q2 2023, QSR US traffic decreased by -1.8% YOY compared to Q2 last year. Performance declined slightly compared to the previous quarter, when traffic was down -0.7% YOY.
Average price in Q2 increased by +10.6% YOY. This is a decrease from last quarter (+13.8% YOY), confirming that pricing activity continues to slow down compared to 2022.
Breakdown of Quarterly QSR Performance Trends
The following is a snapshot of US Quick-Service Restaurant (QSR) trends for Q2 2023.
When compared to Q2 2022:
- Net sales remain positive at +4.8% YOY.
- Traffic is down -1.8%. Sales continue to be driven by average check increases (+6.7% YOY).
- QSR average price increased by +10.6% YOY.
- Quantity per transaction decreased by -3.5% YOY indicating consumers order fewer items to spend less. In our latest consumer report, 31% of US respondents said they spent less of their disposable income on restaurants. Of those, 1 in 3 said they are intentionally reducing the size of their orders to save.
Q2 2023 QSR Traffic by Daypart
- Dinner continues to outperform other dayparts. Traffic is up +0.2% YOY.
- Breakfast performance is down -2.4% compared to Q2 last year. Lunch is down -3.5% YOY.
Q2 2023 QSR Traffic by Revenue Channel
- Takeout was the top-performing channel this quarter, up +17.8% compared to Q2 2022.
- Dine-in (+17.1%) performed positively YOY.
- Despite service and fee costs, delivery traffic is up +14.8% YOY.
- Drive-thru traffic is down -8.3% 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
Revenue Management Solutions Launches Competitor Price Intelligence Solution
Revenue Management Solutions launched its Competitor Price Intelligence designed to help restaurant operators stay ahead of the competition.
In this ever-changing industry, brands need more profound insights into competitors’ pricing strategies. RMS’ new solution eliminates manual data collection and consolidation. Operators now have access to clean competitor menu prices comparing up to 170,000 locations across all restaurant segments, updated monthly. The interactive dashboards transform data into easy-to-understand insights with the added convenience of data export. Learn more about Competitor Price Intelligence, featured in QSR Magazine.
RMS is ready to support restaurant brands across the world. Reach out to us today for practical strategies to optimize your menu profitability, sales and financial success.
