Restaurant Trends March 2024

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

Overview

QSR Year-Over-Year Traffic Performance, February 2024

QSR US traffic is down -2.1% compared to February 2023. The low performance in 2024 is attributed to some QSR brands comping against strong promotions from last year. However, performance improved significantly compared to the previous month (-4.5% YOY), likely due to customers returning to restaurants after severe weather conditions.

Average price increased +4.3% YOY. The rate of price increases stabilized in recent months after nearly a year of declining increases.

Breakdown of Monthly QSR Performance Trends

QSR Sales Decomposition, February 2024

When compared to February 2023:

  • Net sales are positive at +1.9% YOY.
  • Traffic is down -2.1% YOY, while average check increased by +4.1% YOY.
  • QSR average price increased +4.3% YOY.
  • Quantity per transaction (QPT) remains somewhat stable at -0.1% 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 RMS’ latest consumer report, nearly 2 in 5 respondents reported spending less of their disposable income on restaurants. Of those cutting back, 43% said they were doing so by ordering fewer items.

Access Your Personalized Sales Breakdown

Did you know RMS can create a tailored sales decomposition like the one above to provide insights into your customers’ transactions and what factors are impacting your sales? Reach out to our team today to learn more!

QSR Traffic by Daypart

QSR Year-Over-Year Traffic Performance by Daypart, February 2024
  • Breakfast traffic experience an increase of +0.3% YOY, outperforming other dayparts.
  • Dinner traffic has decreased by -0.2% compared to February 2023.
  • Lunch QSR traffic is down -3.4% YOY.

QSR Traffic by Revenue Channel

  • Delivery remains the top-performing channel, with traffic up +10.5% YOY.
  • Dine-in traffic is up +9.2% YOY. Performance increased compared to the previous month when it was up +2.1% YOY.
  • Takeout performed positively at +8.5% YOY.
  • Drive-thru traffic is down -9.1% YOY.

Consultant’s Corner

Dining in the Digital Age

In today’s dynamic world of digital dining, innovation is key. “Consumers spend more and come more often when using a restaurant app,” says RMS Chief Operating Officer Mark Kuperman. With the right insights into app usage, restaurant operators can anticipate and meet their customers’ needs, fostering loyalty and satisfaction.

Uncover actionable strategies on how to optimize your app from RMS Chief Brand Officer Jana Zschieschang in Modern Restaurant Management Magazine.

Unlock QSR Success with RMS

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