Exploring Lunch Costs: Insights from Toast's Latest Trends Report
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Overview of the Latest Restaurant Trends Report
Toast (NYSE: TOST), an innovative all-in-one digital restaurant platform, recently released a detailed examination of lunch costs in the U.S. restaurant industry as part of its latest report. This report is backed by aggregated transactional data from various restaurants utilizing the Toast platform, which currently supports approximately 120,000 locations across the nation.
Key Highlights on Lunch Pricing
Average Costs and Yearly Increases
In the second quarter of 2024, the average spending for customers at quick-service restaurants (QSRs) showcased notable increases. The average prices were reported at $11.26 for sandwiches and wraps, $12.98 for bowls, $11.45 for burgers, and $10.74 for burritos, marking a year-over-year rise of around 4.6% across various categories. Understanding these figures can provide valuable insights for both restaurant owners and patrons.
Consumer Trends and Popular Items
Interestingly, sandwiches and wraps emerged as the top choice for consumers in most states, while tacos claimed the top spot in states like California and Texas. This variation highlights the regional preferences in dining habits, as bowls became the favorite in Hawaii, and salads gained traction in Utah. Such shifts in consumer preference could be crucial for restaurant menu planning.
Changing Consumer Preferences
A Shift Towards Breakfast
The report uncovered a significant trend—the shift of consumer spending towards breakfast options at quick-service establishments. As dining habits evolve, this move away from dinner and late-night service reflects changing consumer lifestyles and preferences.
Wage Insights and Tipping Trends
Another notable point from the report involves the compensation of workers. In California, the median hourly wage for cashiers at quick-service restaurants stood at $16.98. Additionally, there was a slight decrease in tipping practices, with average tips for full-service restaurants at 19.3% and quick-service at 15.9%. These factors could influence how restaurants manage staffing and customer service efforts.
Understanding Price Changes
Menu Analysis and Pricing Growth
In an effort to evaluate price changes over the past year, Toast analyzed sales data across 13 different food types. Burgers, bowls, and noodles/ramen topped the list as the most expensive items, while tacos and fries represented the more economical choices. Price hikes were observed prominently in tacos, sandwiches/wraps, burgers, and bowls, all showing an increase between 4-6% compared to the previous year.
Sales Fluctuations
Despite the price increases, hot dog sales saw a notable decrease of 9%, while sales for bowls and chicken tenders experienced a slight rise of 1%. Close monitoring of these trends provides valuable insights into which items resonate with consumers and which are losing traction.
Methodology Behind the Insights
The insights presented in the Restaurant Trends Report stem from a comprehensive analysis of transactions at quick-service establishments on the Toast platform. The data encompasses a significant timeframe, capturing consumer behavior from April 2023 to June 2024, allowing for a reflective view of price trajectories for various food items.
About Toast
Toast (NYSE: TOST) stands as a cutting-edge cloud-based platform tailored specifically for the restaurant industry. Offering services that encompass point of sale, payments, operations, and digital innovations, Toast serves as an essential resource for restaurant owners looking to enhance efficiency and customer experience. As the restaurant landscape continues to evolve, Toast provides tailored solutions to meet the demands of both restaurant staff and customers alike.
Frequently Asked Questions
What insights does the Restaurant Trends Report provide?
The report offers an analytical view of dining habits and pricing in the U.S. restaurant industry, revealing trends in consumer preferences and spending behaviors.
How did lunch costs change from last year?
Lunch costs in Q2 2024 have risen significantly compared to the previous year, with price increases observed across various food categories.
Why are breakfast options becoming more popular?
Consumer behavior has shifted towards earlier dining, with breakfast becoming a preferred choice over lunch and dinner at quick-service restaurants.
What was the median wage for cashiers in California?
In California, cashiers at quick-service restaurants earned a median hourly wage of $16.98 in June 2024.
What impact does Toast have on the restaurant industry?
Toast empowers restaurants by offering an integrated platform that enhances operational efficiency, improves customer experience, and drives revenue growth.
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