Q1/2024 MAFSI Business Barometer: Industry Sales Growth For First Quarter Of 2024 At Dead Zero
Industry Sales Growth For First Quarter Of 2024 At Dead Zero. Hopes Remain For A Second Half Rebound.
Overall sales for Q1/24 declined for the 11th consecutive quarter, this time to a ZERO level or dead flat. For comparison, sales for Q1/23 were up +6.6%.
See the Q1 2024 Commercial Foodservice Business Barometer.
By product category, Tabletop was down -2.0%, Supplies -0.3%, while Equipment rose by +0.3% and Furniture by +0.5%.
By region, 3 areas were negative (West -1.3%, Midwest -0.9%, and South -0.5%) while 2 were positive (Northeast +1.2% and Canada +2.0%).
The forecast for Q2/24 is for more of the same at +0.1% with flatness also being reported for both Quoting and Consultant Activity. 
At zero growth, the MAFSI Business Barometer (MBB) is ahead, by a few percentage points, of the results that have been released by the public manufacturers and by the restaurant segment in general.
Furthermore, much has been reported in the media and by NRA of the impact of higher menu prices caused by food, E & S, and labor inflation and as well by higher interest rates.
Hope remains for a second half rebound although concerns exist that the industry might not have hit bottom yet.
What is clear is that for the time being, FLAT is the new up!
Executive Summary written by Michael R. Posternak, CEO, PBAC & Associates LTD. Eastchester, NY mp@pbacrep.com.
See the Q1 2024 Commercial Foodservice Business Barometer.
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