Restaurant Trends April 2024

The following is a snapshot of US Quick-Service Restaurant (QSR) trends for Q1 2024.

Overview

QSR Year-Over-Year Traffic Performance, Q1 2024

US QSR traffic declined by -3.5% compared to Q1 2023. The poor Q1 performance was due to severe weather conditions in January in certain parts of the country, as well as some QSR brands comping against strong Q1 2023 traffic due to promotions.

Average price increased +4.0% YOY. The rate of price increases has stabilized after nearly a year of decline.

QSR Year-Over-Year Average Price Performance, Q1 2024

Breakdown of Quarterly QSR Performance Trends

QSR Sales Decomposition, Q1 2024

When compared to Q1 2023:

  • Net sales are positive at +0.8% YOY.
  • Traffic is down -3.5% YOY, while average check increased by +4.5% YOY.
  • QSR average price increased +4.0% YOY.
  • Quantity per transaction (QPT) remains somewhat stable at +0.5% YOY. However, positive QPT does not necessarily signify improvement, as order size was consistently negative in 2023.

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Q1 2024 QSR Traffic by Daypart

QSR Year-Over-Year Traffic Performance by Daypart, Q1 2024
  • Dinner traffic decreased by -1.4% compared to Q1 2023.
  • Breakfast traffic is down -2.2% YOY, but up slightly compared to last quarter (Q4 2023).
  • Lunch QSR traffic continues to decline. Traffic in Q1 2024 decreased -5.3% YOY and is down two percentage points from last quarter.

Q1 2024 QSR Traffic by Revenue Channel

QSR Year-Over-Year Traffic Performance by Revenue Channels, Q1 2024
  • Delivery remains the top-performing channel, with traffic up +10.0% YOY. Despite a decline since Q3 2023, QSR customers continue to prioritize the convenience of delivery, even with its possible additional costs.
  • Takeout performed positively at +8.5% YOY.
  • Dine-in traffic is up +6.3% YOY.
  • Drive-thru traffic declined -10.7% YOY and is down from last quarter.

Consultant’s Corner

Catering to Families: The Untapped Potential in the Restaurant Industry

Despite an overall decline in dining frequency, households with children are ordering more frequently and in larger quantities across various dining segments and channels.

Explore effective strategies to attract families from RMS Chief Brand Officer Jana Zschieschang featured in Modern Restaurant Management Magazine.

Unlock QSR Success with RMS

Maximize your market share with the power of data and consumer insights. Our solutions empower brands and inform business decisions that drive higher profit gains. Contact us today and kickstart your journey to success.

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