Restaurant Trends December 2023

US Quick-Service Sales & Traffic Performance

The following is a snapshot of US Quick-Service Restaurant (QSR) trends for November 2023.

Overview

QSR Traffic Performance, November 2023

QSR US traffic is down -1.8% compared to November 2022. Performance increased slightly from the previous month, but it’s worth noting that November 2022 performance was off -5.3% from 2021, compounding the overall negative effect on traffic.

Average price increased +4.9% YOY. Month-over-month pricing trends have been stable since September. RMS predicts prices will remain stable moving into 2024.

As customers grow increasingly price-sensitive and pricing opportunities show less promise, restaurants must implement a strategic pricing approach to succeed. QSRs can navigate the challenges and seize opportunities in 2024 by going beyond simple price increases.

QSR Average Price Performance, November 2023

Breakdown of Monthly QSR Performance Trends

QSR Sales Decomp, November 2023

When compared to November 2022:

  • Net sales remain positive at +2.4% YOY.
  • Traffic is down -1.8% YOY. Sales continue to be driven by average check increases (+4.3% YOY).
  • QSR average price increased +4.9% YOY
  • Quantity per transaction (QPT) is slightly down at -0.5% YOY. QPT was negative last year and has steadied at a lower level.

QSR Daypart Channels

QSR Traffic Performance by Dayparts, November 2023
  • Dinner continues as QSR’s best-performing daypart. Traffic is up (0.8%) compared to November 2022.
  • Breakfast traffic is down -3.2% YOY. 
  • Lunch QSR traffic is down -3.4% YOY.

QSR Revenue Channels

QSR Traffic Performance by Channels, November 2023
  • Delivery remains the top-performing channel, with traffic up 12.4% YOY. However, traffic has been declining since September.
  • Takeout (+10.2%) performed positively YOY.
  • Dine-in traffic is up +6.1% YOY and up slightly compared to the previous month.
  • Drive-thru traffic is down -6.9% YOY.

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

Revenue Management Solutions Introduces Conjoint Analysis Solution

Revenue Management Solutions launched a new Conjoint Analysis solution for restaurants, helping operators understand purchasing decisions and price sensitivity without real-world risk. The solution offers two study techniques, choice-based and menu-based, enabling brands to shape increasingly complex decisions around pricing, product development and menu design. Read about RMS’ latest solution in QSR Magazine.

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.

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