2024 Menu & Promotions Report

Jun 5, 2024 | Insights, Restaurant Research

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Executive Summary

  • While the average menu item count for the $1B+ Chains has been stable since 2021, the 2023 QSR total average menu count is -17% under its 2014 peak and FSR is -20.5% under its 2012 peak.
  • The average annual number of new product intros per chain in 2023 increased +18.7% y/y to 9.5 for QSR (representing a steady increase from 2020 to a level in-line with its 2010–2019 historical average) and +12.1% y/y to 9.7 for FSR (which remains about 33% lower than the 2010–2019 period).
  • The 2023 y/y average check growth rate moderated slightly for both QSR (+6.2%) & FSR (+5.7%) and came-in under the 2023 CPI growth rate (+7.0% QSR & +6.0% FSR).
  • Notably, the aggregate 5-year average check growth rate (+37.3% QSR & +28.1% FSR) significantly outpaced total restaurant CPI (+27.8% QSR & +23.7% FSR) and food at home CPI (+25.3%) during the same period.
  • To help compensate for higher core menu prices, the level of QSR promotional value mix increased to 49.7% in 2023 from 33.8% in 2022. Conversely, the FSR discounting mix was basically unchanged at 31%.

QSR Average Check

FSR Average Check

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