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Summer Quarterly Restaurant Report: Service Fees Continue to Grow, Wages Stay Above Inflation.

Published by Square

The Summer Quarterly Restaurant Report by Square highlights key trends in the restaurant industry. Service fees are increasingly common, with 3.7% of transactions including them in Q2 2024, up from 2022. These fees help offset rising operational costs. Restaurant wages continue to grow faster than inflation, though wage growth is slowing compared to post-COVID peaks. The report also notes that nightlife in cities like Boston, Richmond, and Philadelphia has rebounded, surpassing pre-pandemic levels. Additionally, Washington D.C. has seen increased restaurant activity in certain neighborhoods due to factors like remote work and housing development.

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