Toast (NYSE: TOST) as we speak introduced the primary version of its quarterly Restaurant Traits Report, offering visibility into the general state of the restaurant trade by aggregated gross sales knowledge from eating places on the Toast platform, which has roughly 57,000 places as of the tip of 2021 within the U.S.
All through 2021, the working surroundings remained difficult for restaurant operators, as they confronted the twin challenges of shifting workforce dynamics and a sustained labor scarcity alongside rising enter costs as a consequence of provide chain disruption and accompanying inflation.
Nevertheless, with this backdrop, restaurant operators, workers and suppliers remained extremely resilient. The next insights present how client eating habits have modified and the way restaurant operators and workers have been adapting to those modifications.
Eating rebounds and digital drives progress
- Whole restaurant gross sales are up 41% 12 months over 12 months: The “post-vaccination” rebound for the restaurant trade has up to now fueled restaurant progress. Restaurant gross sales as measured by gross merchandise quantity (GMV) on the Toast platform on a same-store foundation elevated 41% from 2021 in comparison with 2020.
- Toast Eating places rebound from and exceed pre-COVID gross sales ranges: Eating places on Toast have recovered, as evidenced by a mean similar retailer GMV rising almost 6% from This fall 2019 to This fall 2021.
- Eating out is again: Diners are as soon as once more having fun with their favourite meals at eating places. On common, on-premise eating gross sales rebounded from the start of the pandemic and elevated 70% in This fall 2021 from This fall 2020 and grew 55% within the full 12 months of 2021 in comparison with 2020.
- Takeout and supply are right here to remain: The comfort of ordering out will not be going anyplace – takeout and supply gross sales elevated 59% from This fall 2019 to This fall 2021 and stay elevated.
- Full service eating places (FSR) outperform: Diners are able to benefit from the full restaurant expertise once more. Full service eating places (FSR) whole gross sales grew 55% from This fall 2021 versus This fall 2020, whereas fast service eating places (QSR) grew 30% over the identical interval.
- Regional gross sales progress strongest within the South from pre-pandemic ranges: The South (+12%) noticed the strongest gross sales progress when evaluating This fall 2021 to This fall 2019, adopted by the West (+5%), Midwest (+4%) and Northeast (+0.4%).
- All US Areas Noticed Sturdy YoY Progress in 2021: All areas throughout the US noticed sturdy year-over-year gross sales progress, with the Northeast (+56%), Midwest (+52%), West (+50%) and South (+36%) all up from This fall 2021 versus This fall 2020.
- Prime performing cuisines: European, Center Japanese and Breakfast cuisines noticed the best progress in gross sales. European cuisines grew by greater than a mean of 58% GMV progress in This fall 2021 in comparison with This fall 2020.
- Ideas are up barely throughout the nation: There has not been a decline in suggestions for servers and workers. Nationwide, tipping was as much as a mean of 19% in This fall 2021, an virtually 1% improve from This fall 2020.
- Elevated Worker Productiveness with Know-how: Labor shortages proceed to be a problem within the restaurant trade, however with the assistance of know-how eating places are seeing hopes to enhance worker productiveness. The everyday restaurant on the Toast platform processed 4.5% extra transactions per worker hour labored when evaluating This fall 2021 to This fall 2020. Workers are in a position to be extra productive with cell ordering on the desk and handheld point-of-sale, whereas company get their meals sooner.
- Renovations and new gear are among the many high three wants for financing: Many eating places utilized new capital for brief time period money circulation, day-to-day operations, and renovations made up for 28%, 20%, and 17% of financing wants respectively in 2021, showcasing eating places are persevering with to develop and innovate in these unprecedented instances.
Whereas the Traits Report reveals how Toast adoption is contributing to restaurant success, we are going to proceed to make use of our platform and our voice to assist eating places navigate by this troublesome time.
Methodology
The Restaurant Traits Report, powered by Toast, uncovers key traits throughout the restaurant trade by aggregated gross sales knowledge from eating places on the Toast platform, which has roughly 57,000 places as of the tip of 2021 within the U.S. All progress charges are calculated on a similar retailer gross sales foundation for the relevant time frame. Transactions per labor hour are measured by taking the median elevate, on a same-store foundation, for eating places with a minimal of 200 worker hours logged in every month throughout the complete time interval. The Restaurant Traits Report will not be indicative of the operational efficiency of Toast or its reported monetary metrics together with GMV progress and comparable buyer GMV progress.
