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.
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.
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