Kansas City and Charleston metro areas exceed pre-pandemic level lunch transactions, but large commuter areas are still recovering.
BOSTON--(BUSINESS WIRE)-- Toast (NYSE: TOST), the all-in-one digital platform built for restaurants, announced its Q1 2023 Restaurant Trends Report, providing insight into the overall state of the U.S. restaurant industry through an analysis of aggregated sales data from selected cohorts of restaurants in select U.S. metropolitan areas on the Toast platform, which serves approximately 85,000 restaurant locations as of March 31, 2023.
For the full report, please visit the Toast Newsroom.
Key trends include:
Methodology: The Restaurant Trends Report, powered by Toast, uncovers key trends across the restaurant industry through aggregated sales data from a selection of cohorts of restaurants on the Toast platform, which has approximately 85,000 locations as of March 31, 2023. All growth rates are calculated on a same-store sales basis for the applicable period of time. The Restaurant Trends Report is not indicative of the operational performance of Toast or its reported financial metrics, including GMV growth and same-store GMV growth. Please see the full report for additional details about how these numbers were calculated.
1 Methodology: Toast analyzed the number of weekday transactions in 19 select metropolitan areas between 11 a.m. and 3 p.m. local time from a cohort of restaurants on the Toast platform from Jan. 1, 2019, to March 31, 2023, to determine the average number of transactions per restaurant location on the Toast platform in Q1 2019 and 2023. Toast used a cohort of same-store customers on the platform since 2019 to demonstrate COVID-19 pandemic recovery trends. Transactions were not adjusted for total transaction volume.
2 Methodology: Toast analyzed weekday transactions during lunch service at restaurants on the Toast platform in Q1 2023. Restaurants below a threshold of five transactions a day were excluded. Taxes and tips are not included.
3Methodology: Toast analyzed weekday transactions in 19 select metropolitan areas between 11 a.m. and 3 p.m. local time from a cohort of restaurants on the Toast platform, from Jan. 1, 2019, to March 31, 2023. Toast used a cohort of same-store customers on the platform since 2019 to demonstrate COVID-19 pandemic recovery trends.
4 Methodology: Toast analyzed weekday transactions between 11 a.m. and 3 p.m. local time from a cohort of restaurants on the Toast platform from Jan. 1, 2019, to March 31, 2023, to determine the average food price per restaurant location (i.e. the Gross Merchandise Volume) in Q1 2019 and Q1 2023. Toast used a cohort of same-store customers on the platform since 2019 to show COVID-19 pandemic recovery trends. Restaurants below a threshold of five transactions a day on the Toast platform were excluded. Analysis only looks at the prices guests paid for food and does not include beverages, tax, or tip.
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Source: Toast