Lightspeed Data Unveils Dynamic Diner Behavior and Staffing Insights
Lightspeed, the unified point-of-sale (POS) and payments platform supporting the world’s top businesses, has released key findings from its Lightspeed Restaurant data. These findings offer valuable insights into shifts in diner behavior and the challenges of staffing in the restaurant industry.
One significant observation is the surge in employee turnover, with an astonishing 75.78% increase when comparing data from April-June 2022 to April-June 2023. This spike underscores the ongoing staffing shortage issue in the restaurant sector, driven by various factors such as wages and job satisfaction.
While restaurant prices continue to rise, the increase rate has slowed since the first quarter of 2023 (Jan-March). The data indicates a 4.73% year-over-year increase in the median item price and a 6.96% year-over-year increase in the median burger price.
Diners are increasingly dining out, both at fine dining and fast-casual restaurants. Transactions have risen by 3.60% year-over-year for fine dining and 3.53% for fast casual.
Tipping behavior is also evolving, with tips rising, particularly at bars and fine dining establishments. However, average takeout and delivery tips have dipped to around 8%, suggesting a potential shift in tipping patterns outside traditional service venues.
Jarred Drown of Terrace Bay Restaurant in Gladstone, MI, acknowledges the need to adjust pricing to cope with inflation and staffing challenges. He emphasizes that both food prices and labor costs have substantially increased, leading to the necessity of raising prices to attract and retain skilled employees.
Peter Dougherty, General Manager of Hospitality at Lightspeed Data Commerce, emphasizes their mission to empower bars and restaurants with tools, insights, and guidance to enhance efficiency, even during staff shortages. Lightspeed’s technology, including Lightspeed Restaurant, enables hospitality businesses to streamline operations, increase speed of service, and optimize scheduling and menu planning.
Advanced Insights from Lightspeed Data aids bars and restaurants in navigating inflation and staffing issues by identifying the most profitable hours, servers, and menu items. This data-driven approach provides valuable insights that might not be apparent through intuition alone.
Lightspeed Restaurant boasts 40% faster on average than other leading POS systems in North America. It powers some of the world’s finest restaurants and is available in several countries, including the United States, Canada, the United Kingdom, France, Belgium, the Netherlands, Switzerland, Germany, and Australia.
For a detailed look at the transformative features of Lightspeed Restaurant, visit their website at www.lightspeedhq.com/pos/restaurant.
Methodology:
Lightspeed Data analyzed internal data from thousands of restaurants using Lightspeed across North America. The study compared data from April-June 2023 to April-June 2022, examining tipping data, check sizes, and more across various categories of hospitality businesses.
About Lightspeed Data:
Lightspeed is a one-stop commerce platform that empowers merchants to simplify, scale, and provide exceptional customer experiences. It transforms and unifies online and physical operations and facilitates multichannel sales, global payments, financial solutions, and connections to supplier networks. Founded in Montréal, Canada, in 2005, Lightspeed is dual-listed on the New York Stock Exchange (NYSE: LSPD) and Toronto Stock Exchange (TSX: LSPD). It serves retail, hospitality, and golf businesses in over 100 countries.
For more information, visit www.lightspeedhq.com.Follow Lightspeed on social media: LinkedIn, Facebook, Instagram, YouTube, and Twitter.
Forward-Looking Statements:
This news release may contain forward-looking information and statements within the meaning of applicable securities laws. Forward-looking statements are predictive and refer to future events or conditions, identified by words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” or similar expressions. These statements involve risks and uncertainties and may materially cause actual results to differ. Readers are advised to consider these factors carefully and not to rely unduly on forward-looking statements. Lightspeed is not obligated to update publicly or revise any forward-looking statements unless required by law.
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