Restaurant Trends March 2023
US Quick-Service Sales & Traffic Performance
QSR US traffic (-0.3% YOY) is slightly down compared to last year, when QSRs saw traffic climb drastically as the spread of the Omicron variant slowed. We expect traffic to stabilize going forward.
Average price flattened, up 14.0% YOY compared to last month’s +13.7%. We anticipate further stability as we compare against the bullish price increases of 2022.
Breakdown of Monthly QSR Trends
The following is a snapshot of US Quick-Service Restaurant (QSR) trends for February 2023.
When compared to February 2022:
- Net sales remain positive at 8.2% YOY.
- Traffic is down -0.3%. Sales continue to be fueled by average check increases (+8.5% YOY).
- Quantity per transaction declined (-4.9% YOY), indicating that customers are reducing the number of items they purchase in order to spend less.
- QSR average price increased by 14.0% YOY.
- Dinner continues to outperform other dayparts. Traffic is up + 2.2% YOY.
- Breakfast performance is down -1.4% compared to last year, and lunch traffic numbers are down -1.8% YOY.
- Dine-in (+29.8% YOY) was the top-performing QSR channel in February 2023. When comparing month-over-month, February was down significantly from January 2023 (+48.7 %) primarily due to the comparison to February 2022, when customers started leaving their homes as COVID-19 cases began to decrease. We will continue to review volatility carefully, but anticipate stabilization as the year progresses.
- Takeout (+27.5% YOY) continues to perform positively compared to last year.
- Customers continue to value the convenience of delivery, despite potential service and fee costs. The channel is up 20.8% YOY.
- Drive-thru year-over-year traffic is down -8.7%.
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