As we look back on the second quarter of 2024, the landscape of our industry is characterised by a dynamic interplay of challenges and opportunities. In this swiftly evolving environment, the requirement for precise and timely insights to guide pivotal business decisions has become increasingly paramount. With that, we introduce the Q2 2024 Hospitality Industry Insights trends Report.
Understanding the Metrics: A Glimpse into Industry Performance
The Industry Performance metrics in this report are based on the median aggregator and not the average. Average and median play a similar role in understanding the central tendency of a set of numbers. The average has the disadvantage of being influenced by single values, which are much higher or lower than the rest of the values. That’s why the median is a better midpoint measure for cases where a small number of outliers could drastically skew the average.
Wages costs increasing
According to our salary analysis, wages as a percentage of sales (excluding on-costs) have increased by one percent on average.
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 continue to outperform beverage
Food has been performing very well for FY23 as a class of sale. Last quarter, sales were up 10%, and this trend continues with a 17% increase in this quarter.
The increase in weekly food sales may reflect an increase in patronage but will also reflect an increase in prices being charged to cover inflationary pressures on the cost of goods.
Gaming performance is sporadic
Gaming turnover is up year on year, with weekly turnover totals increasing 11% in Q224 from the prior year.
Interestingly, this increase can clearly show growth only within October and December months, with a significant dip in turnover within November.
The hospitality Industry is not new to monthly performance swings. Our paper looks into the insights gained from these shifts, shining light on underlying tendencies that may otherwise go overlooked. With this information, organisations can make informed decisions, modify tactics, and stay ahead of the competition.
