Consumers are dining out more, but takeout continues to thrive, per Toast’s Restaurant Trends Report

Get in, loser; we’re going out to eat.

In its inaugural Restaurant Trends report released today, restaurant software company Toast found same-store sales for its ~57,000 partners (ranging from fine dining establishments to pizza joints and food trucks) were up 41% YoY in 2021, based on gross merchandise volume (GMV).

• And compared to 2019, restaurants, on average, saw GMV increase 6% from pre-pandemic levels in Q4 2021.

Out and about: After lots of takeout orders in 2020, consumers are returning to dining out, per the report, with on-premise sales rising 70% YoY in Q4 2021, and 55% full-year growth.

But takeout and delivery sales are still having their moment. They rose 59% from Q4 2019, and while that span includes the takeout peak, levels are still high, Toast found.

• Strong earnings reports from DoorDash and Uber Eats earlier this month show consumers still crave grub to-go.

On the money: With the tumultuous dining landscape over the past two years, restaurants need $$ to keep up. Toast, which also offers financing, found that 28% of restaurants used that capital for short-term cash flow, followed by overhead and day-to-day ops (20%), renovations (17%), and new equipment (14%).

But, but, but: Though things are looking brighter after a dismal 2020, many restaurants are still financially insecure. About two-thirds of the restaurants and bars that applied for the Restaurant Revitalization Fund grants this year were denied, per the Independent Restaurant Coalition.

• The National Restaurant Association called for replenishment of the depleted $28.6 billion fund last month, saying it could save 1.6+ million jobs.—EC