Restaurant Trends November 2023
US Quick-Service Sales & Traffic Performance
The following is a snapshot of US Quick-Service Restaurant (QSR) trends for October 2023.
QSR US traffic is down -2.5% compared to October 2022, with a further decline in performance from the previous month.
October traffic trends are consistent with Revenue Management Solution’s Q3 consumer report, in which 31% of respondents reported ordering ‘less’ or ‘much less’ from QSRs in the past month.
Average price increased +4.5% YOY, but month-over-month trends show a steady slowdown in pricing compared to 2022. RMS predicts stabilization in average price trends as we approach the year-end.
Breakdown of Monthly QSR Performance Trends
When compared to October 2022:
- Net sales remain positive at +1.9% YOY.
- Traffic is down -2.5% YOY. Sales continue to be driven by average check increases (+4.5% YOY).
- QSR average price increased +4.5% YOY.
- Quantity per transaction (QPT) stabilized, showing no change year-over-year (0% YOY). It’s important to highlight that QPT, which was negative last year, has now steadied at the lower level.
QSR Daypart Channels
- Dinner continues as QSR’s best-performing daypart, though slightly down (-0.3%) compared to October 2022.
- Lunch QSR traffic is down -3.6% YOY.
- Breakfast traffic is down -4.1% YOY.
QSR Revenue Channels
- Despite possible service and fee costs, delivery remains the top-performing channel, up +17.7% YOY.
- Takeout (+8.0%) performed positively YOY.
- Dine-in traffic is up +2.8% YOY, though performance declined slightly compared to previous months.
- Drive-thru traffic is down -7.5% YOY.
Hungry (but Not for Human Contact), Americans Head for the Drive-Through
Fast food brands are prioritizing drive-thru optimization to align with post-pandemic consumer behavior.
To understand the current landscape, The New York Times National Food Correspondent, Kim Severson, outlines the reasons behind the shift to drive-thru, how brands are applying innovative ideas and technology, and what this indicates for the future of the industry.
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.