Restaurant Trends February 2024

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

Overview

QSR Year-Over-Year Traffic Performance, January 2024

QSR US traffic is down -4.5% compared to January 2023. Performance decreased significantly from the previous month (-0.1% YOY). Cold temperatures, particularly in the south, likely affected traffic.

Average price increased +4.4% YOY. The rate of price increases stabilized in recent months after nearly a year of declining increases.

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

Breakdown of Monthly QSR Performance Trends

QSR Sales Decomp, January 2024

When compared to January 2023:

  • Net sales are negative at -0.3% YOY.
  • Traffic is down -4.5% YOY, driving the decrease in sales, while average check increased by +4.4% YOY.
  • QSR average price increased +4.4% YOY.
  • Quantity per transaction (QPT) remained unchanged, with a 0.0% year-over-year growth rate. It is important to note that QPT was consistently negative in the previous year, so stability does not necessarily signify improvement.

In today’s dynamic restaurant landscape, staying ahead demands precision. Explore RMS’ additional resources or reach out to us to learn more about how our data-driven solutions can help your business.

QSR Traffic by Daypart

QSR Year-Over-Year Traffic Performance by Dayparts, January 2024
  • Dinner traffic has decreased by -2.5% compared to January 2023.
  • Lunch QSR traffic is down -3.4% YOY but was the only daypart that saw improvement month-over-month.
  • Breakfast traffic experience a decrease of -4.3% YOY.

QSR Traffic by Revenue Channel

QSR Year-Over-Year Traffic Performance by Revenue Channel, January 2024
  • Delivery remains the top-performing channel, with traffic up 13.2% YOY.
  • Takeout performed positively at +8.8% YOY.
  • Dine-in traffic is up +1.9% YOY. However, performance decreased compared to the previous month when it was up +7.5% YOY.
  • Drive-thru traffic is down -9.2% YOY, a sharp change from the channel’s stability throughout 2023.

Performance aligns with RMS’ Q4 consumer report, “A Year End Look at Evolving Consumer Behavior,” which indicated that all revenue channels could see a decrease in traffic.

Consultant’s Corner

Burritos and Big Macs to Cost More in California as Pay Rises

California’s restaurant industry prepares for the effects of upcoming wage increases. With the state already known for having some of the highest fast-food prices nationwide, this new bill is driving brands and operators to rethink pricing strategies and explore innovative approaches to mitigate the impact.

Read more in Heather Haddon’s article on the The Wall Street Journal, featuring tips from Revenue Management Solutions.

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