Restaurant Trends May 2023
US Quick-Service Sales & Traffic Performance
QSR US traffic decreased by 1.9% YOY compared to last year when guests returned to dining out after Omicron cases slowed.
Average price increased 10.6% YOY, though slightly down compared to last month’s YOY comparison (+12.9%). We anticipate average price comps to stabilize, particularly given the bullish price increases seen in 2022.
Breakdown of Monthly QSR Performance Trends
The following is a snapshot of US Quick-Service Restaurant (QSR) trends for April 2023.
When compared to April 2022:
- Net sales remain positive at 5.7% YOY.
- Traffic is down -1.9%. Sales continue to be driven by average check increases (+7.7% YOY).
- QSR average price increased by 10.6% YOY.
- Quantity per transaction decreased by 2.6% YOY as customers reduced their overall QSR order size to spend less. Inflation continues to be top of mind and consumers are more price sensitive. When Revenue Management Solutions (RMS) surveyed over 800 respondents in March 2023, 74% perceive restaurant prices are higher compared to last year.
QSR Revenue Channels
- Dine-in remains the top-performing channel, up 22.7% YOY in April 2023.
- Takeout (+14.5%) performed positively YOY.
- Customers continue to value the convenience of delivery, despite possible service and fee costs. The channel is up 14.2% YOY.
- Drive-thru year-over-year traffic is down 8.7%.
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
Have Higher Prices Scared Off Restaurant Consumers?
According to RMS’ latest survey, restaurant guests are more price sensitive and, in turn, managing their spending. Weekly visits are declining across all revenue channels. Yet despite price increases and inflation, some consumers are still dining out. In his latest piece on FSR Magazine, Danny Klein examines what current consumer trends mean for the restaurant industry.
RMS is ready to support restaurant brands through these ever-changing times. Reach out to us today for practical strategies to optimize your menu profitability, sales and financial health.
