As we step out of the first quarter of 2024, the hospitality sector finds itself at the intersection of challenges and opportunities. In an ever-evolving landscape, the need for timely and accurate insights to inform crucial business decisions has never been more pronounced. It is with great pleasure that we present the Q1 2024 Hospitality Insights Report, a comprehensive analysis brought to you by Quantaco.
Understanding the Metrics: A Glimpse into Industry Performance
Our report is not just a collection of numbers; it is a roadmap to decipher the intricate patterns that shape the hospitality industry. We provide a set of key metrics that offer a panoramic view of performance dynamics, providing you with the tools necessary to steer your business toward success. Here are some of the insights below. Click the link to download and read the full report.
Wages costs increasing
A noteworthy aspect of the report is the nuanced impact on wages across different sales categories. Notably, labor costs for beverages witnessed a 3% increase, while food experienced a 2% uptick.
When averaged across all sales categories, the overall wage increase settled at 1%. Quantaco clients benefit from Salesline, a cutting-edge solution designed to deliver tangible results in staff efficiency. It’s not just about cutting costs; it’s about making every hour count and maximizing returns.
Food sales outperform beverage
Food sales have outperformed beverage sales, with a 10% increase in food revenue compared to the previous year.
Beverage sales however have declined year on year for the quarter, with a decrease of $2,000. This trend began in March 2022 when beverage sales fell below the previous year’s level. The only exception to this trend was in July when we saw a slight increase on the prior year.
Gaming performance is sporadic
Gaming turnover is up year on year, with weekly turnover totals increasing 3% in Q124 from the prior year.
Marketing and entertainment are also significantly higher, representative of the return to full trading in 2023 and the need to attract and entertain patrons.
The hospitality industry is no stranger to monthly performance fluctuations. Our report delves into the insights gleaned from these changes, shedding light on the underlying trends that might otherwise go unnoticed. Armed with this knowledge, businesses can make informed decisions, adapt strategies, and stay ahead of the curve.
In this review of the first financial quarter, which spans from July to September 2023, we analyse the key performance metrics and compare them to the same quarter in 2022.
To discover more in-depth data and insights across all the key metrics, download a copy of the report above.
