BOSTON–(BUSINESS WIRE)–February 23, 2022–
Toast (NYSE: TOST), the all-in-one platform built for restaurants, today announced the first edition of its quarterly Restaurant Trends Report, providing visibility into the overall state of the restaurant industry. dining through aggregate restaurant sales data on the Toast platform, which has approximately 57,000 locations at the end of 2021 in the United States
Throughout 2021, the operating environment remained challenging for restaurateurs as they faced the dual challenges of changing workforce dynamics and a labor shortage sustained, as well as rising input prices due to supply chain disruption and accompanying inflation.
However, against this backdrop, restaurateurs, employees and suppliers have remained incredibly resilient. The following information shows how consumer eating habits have changed and how restaurant owners and employees have adapted to these changes.
Catering is bouncing back and digital is driving growth
- Total restaurant sales increased 41% year over year: The restaurant industry’s “post-vaccination” rebound has fueled restaurant growth so far. Restaurant sales, measured by gross merchandise volume (GMV) on the Toast platform on a like-for-like basis, grew 41% between 2021 and 2020.
- Toast restaurants rebound and surpass pre-COVID sales levels: Restaurants on Toast have rebounded, as evidenced by average same-store GMV increasing nearly 6% from Q4 2019 to Q4 2021.
- Restaurant outings are back: Guests are once again enjoying their favorite meals at the restaurant. On average, on-site restaurant sales have rebounded since the start of the pandemic and were up 70% in the fourth quarter of 2021 compared to the fourth quarter of 2020 and were up 55% for the full year of 2021 compared to to 2020.
- Takeout and delivery are here to stay: The convenience of ordering out is going nowhere – takeout and delivery sales increased 59% from Q4 2019 to Q4 2021 and remain high.
- Full-Service Restaurants (FSRs) Outperform: Diners are ready to enjoy the full restaurant experience again. Total sales for full-service restaurants (FSRs) increased 55% between Q4 2021 and Q4 2020, while quick-service restaurants (QSRs) increased 30% over the same period.
- Regional sales growth is strongest in the South compared to pre-pandemic levels: The South (+12%) recorded the strongest sales growth comparing Q4 2021 to Q4 2019, followed by the West (+5%), the Midwest (+4%) and the Northeast (+0 .4%).
- All regions of the United States experienced strong annual growth in 2021: All regions of the United States saw strong year-over-year sales growth, with Northeast (+56%), Midwest (+52%), West (+50%) and the South (+36%) all up from Q4 2021 compared to Q4 2020.
- The most efficient kitchens: European, Middle Eastern and breakfast cuisines saw the strongest sales growth. European kitchens grew by more than 58% on average GMV growth in Q4 2021 compared to Q4 2020.
- Tipping is up slightly across the country: There was no drop in tipping for servers and staff. Nationally, tips increased by an average of 19% in the fourth quarter of 2021, an increase of almost 1% compared to the fourth quarter of 2020.
- Increased employee productivity through technology: Labor shortages continue to be a challenge in the restaurant industry, but with the help of technology, restaurants see hope for improved employee productivity. The typical restaurant on the Toast platform processed 4.5% more transactions per hour worked per employee comparing Q4 2021 to Q4 2020. Employees can be more productive with mobile ordering at the table and portable POS, while customers get their food faster.
- Renovations and new equipment are among the top three financing needs: Many restaurants used new capital for near-term cash flow, with day-to-day operations and renovations accounting for 28%, 20% and 17% of financing needs in 2021, respectively, showing that restaurants continue to grow and to innovate in these unprecedented fields. times.
As the Trends Report shows how Toast adoption is helping restaurants succeed, we will continue to use our platform and our voice to help restaurants through this difficult time.
The Restaurant Trends Report, powered by Toast, reveals key restaurant industry trends through aggregate restaurant sales data on the Toast platform, which has approximately 57,000 locations as of the end of 2021 in the United States. United. All growth rates are calculated on the same store. basis of sale for the applicable period. Transactions per labor hour are measured by taking the median increase, on a comparable store basis, for restaurants with a minimum of 200 logged employee hours each month over the entire period. The Restaurant Trends Report is not indicative of Toast’s operating performance or its reported financial measures, including GMV growth and comparable customer GMV growth.
Toast is the end-to-end platform designed for restaurants of all sizes. Toast provides a single platform of software-as-a-service (SaaS) products and fintech solutions that give restaurants everything they need to run their business across point-of-sale, operations, ordering and digital delivery, marketing and loyalty, and team management. By serving as the restaurant operating system across dine-in, take-out, and delivery channels, Toast helps restaurants streamline operations, increase revenue, and deliver exceptional customer experiences. Toast proudly serves approximately 48,000 restaurants.
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KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY FINANCE PROFESSIONAL SERVICES SOFTWARE RESTAURANT/BAR FOOD/BEVERAGE RETAIL DATA MANAGEMENT SUPPLY CHAIN MANAGEMENT
SOURCE: Toast, Inc.
Copyright BusinessWire 2022.
PUBLISHED: 02/23/2022 08:01 AM/DISC: 02/23/2022 08:02 AM
Copyright BusinessWire 2022.