Toast, the all-in-one digital platform built for restaurants, says its Q2 2024 Restaurant Trends Report, provides insight into the overall state of the U.S. restaurant industry through an analysis of aggregated data from selected cohorts of restaurants and in select U.S. cities on the Toast platform, which serves approximately 120,000 restaurant locations as of June 30, 2024. Read more details about our methodology below.
Key takeaways:
Toast Benchmarking powers the Restaurant Trends Report’s menu insights. This tool leverages AI-based classification and allows users to compare restaurant and menu category performance against aggregated data from peer Toast restaurants.
To gauge the cost of going out to lunch for consumers compared to last year, Toast examined same-store sales at quick-service restaurants on the Toast platform among 13 different food types: tacos, fries, hot dogs, dumplings, soups/stews, quesadillas, chicken tenders, burritos, sandwiches/wraps, salads, burgers, bowls, and noodles/ramen.
Burgers, bowls, and noodles/ramen topped the list as the most expensive items, while tacos, fries, and hot dogs were the cheapest. Tacos (+5.9%), sandwiches/wraps (+4.6%), burgers (+4.6%), and bowls (+4.6%) saw the largest increase in pricing in Q2 2024 compared to Q2 2023.
The price of hot dogs (+1.9%), salads (+2.7%), and dumplings (+3.8%) grew the slowest in Q2 2024 compared to last year.
Hot dog sales dipped 9% in Q2 2024 compared to Q2 2023, while sales of bowls, chicken tenders, and burritos rose 1%.
View the full report on the Toast Newsroom.
Toast analyzed transactions at quick-service restaurants on the Toast platform from April 1 to June 30, to determine the price growth of tacos, fries, hot dogs, dumplings, soup/stew, quesadillas, chicken tenders, burritos, sandwiches/wraps, salads, burgers, bowls, and noodles/ramen. Toast used a cohort of same-store restaurants on the platform since Q1 2023.
Toast provides a comprehensive platform of software as a service products and financial technology solutions that give restaurants everything they need to run their business across point of sale, payments, operations, digital ordering and delivery, marketing and loyalty, and team management. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail. Toast helps restaurants streamline operations, increase revenue, and deliver amazing guest experiences. For more information, visit www.toasttab.com.
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