Restaurant Trends July 2024 (Q2 Trends)

The following is a snapshot of US Quick-Service Restaurant (QSR) trends for Q2 2024.

Overview

In the second quarter of 2024, US QSR traffic declined -2.3% YOY compared to Q2 2023 but improved compared to last quarter (Q1 2024) when traffic to fast food restaurants was down -3.5% YOY.

Average price was up +2.9% YOY in Q2 2024 compared to +4.0% YOY last quarter. While prices are still higher, the rate of increases continues to decline. This trend results from a combination of factors: a slight deceleration in price increases and customers opting for lower-priced menu items.

Breakdown of Quarterly QSR Performance Trends

Fast Food Year-Over-Year Sales Decomp, Q2 2024

When comparing the fast food industry in Q2 2024 to Q2 2023:

  • Net sales are positive at +1.7% YOY.
  • Traffic is down -2.3% YOY.
  • Average check increased by +4.2% YOY
  • Average price increased +2.9% YOY.
  • Quantity per transaction (QPT) is stable at +1.2% YOY, but customers reduced order sizes consistently throughout 2023.  

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Quarterly QSR Traffic by Daypart

Fast Food Year-Over-Year Daypart Traffic Performance, Q2 2024
  • Dinner traffic remains steady, decreasing slightly at -0.1% compared to Q2 2023.
  • Lunch traffic is down -3.7% YOY, though up slightly from last quarter.
  • Breakfast traffic is down -4.6% YOY and down more than two percentage points from last quarter.

Quarterly QSR Traffic by Sales Channel

Fast Food Year-Over-Year Sales Channel Traffic Performance, Q2 2024
  • Delivery showed substantial gains from last quarter and remains the top-performing fast food sales channel. Traffic is up +12.8% YOY.
  • Dine-in traffic is up 8.3% YOY, slightly increasing compared to the previous quarter.
  • Takeout performed positively at +7.6% YOY.
  • Drive-thru traffic holds steady at -10.9% YOY.

Consultant’s Corner

The Fried Chicken Sandwich Wars Are More Cutthroat Than Ever Before

Bloomberg highlights the reheating of a familiar battle: the fried chicken sandwich wars. Fast food giants are in fierce combat – and rightly so.

Beef prices are soaring, Gen Z prefers the protein, and nearly anything dresses up a fried filet. Our recent research highlights how the chicken sandwich is reshaping the fast-food landscape and how fast-food chains can strategically adapt their menus to attract and retain customers.

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Say goodbye to manual data collection with Competitor Price Intelligence. Monitor competitors and benchmark your menu with pre-categorized item comparisons. Get started today.

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