New Lightspeed Data Shows Guests Are Tipping More When Dining Out
12 9월 2023 - 10:03PM
Lightspeed Commerce Inc. (NYSE | TSX: LSPD) released new
hospitality industry data showing that tipping is on the rise when
consumers dine out, with the highest tips occurring at bars and
fine dining restaurants. On the other hand, average takeout and
delivery tips dropped to around 8%, suggesting consumers might be
pulling back on tips outside of traditional service venues. The
data is based on a sample of thousands of restaurants powered by
Lightspeed across North America. Powering the world’s best
businesses, Lightspeed is the unified POS and payments platform for
ambitious entrepreneurs to accelerate growth, elevate their
customer experience and become a go-to destination in their space.
Key findings from the Lightspeed Restaurant data:
- Tipping is on the
rise: Good news for servers: diners aren’t skimping on
tips. Year-over-year, the median tip percentage increased by 2.3%,
from 16.93% to 17.32%.
- Bars and fine dining take
home the biggest tips: Overall, tipping trends are staying
stable across business types year-over-year, with customers
continuing to tip around 3% more at bars (19.25%) and fine dining
restaurants (19.9%) than they do in casual restaurants
(16.5%).
- Takeout tips are
down: Tips for online orders and delivery dipped slightly,
falling from 8.83% to 8.07%. In spite of earning the biggest
in-house tips, bars were hit hardest on takeout, with the median
online and delivery tip falling from almost 10% to 8.54%.
- Tipping on fast casual is
going strong: In spite of the “tipflation” backlash,
diners haven’t stopped tipping in fast casual restaurants, though
the median tip size is still hovering under 9%—well below the
17.32% average.
- Diners are going out more
often: People are dining out more frequently at both fine
dining and fast casual restaurants, with the total number of
transactions rising 3.60% year-over-year at fine dining and 3.53%
at fast casual restaurants.
“Now more than ever, hospitality businesses are turning to
technology to help them drive additional revenue and change the
guest experience for the better,” notes Peter Dougherty, General
Manager of Hospitality at Lightspeed Commerce. “Our customers that
have implemented embedded payments and automated tipping prompts
often tell us they see a bump in average tip size. The reality is
that in our post-pandemic world, guests are looking for a
frictionless, cashless payment experience, and they’re willing to
tip more for exceptional dining experiences—especially when they
have access to digital tools that make it easy. For hospitality
businesses navigating a rapidly changing market, that extra income
in their employees’ pockets is crucial to retaining staff without
cutting into their profit margins.”
Lightspeed powers the world’s best restaurants, including:
Daniel Boulud Group (NYC), Atomic Hospitality Group (Chicago),
Alinea Group (Chicago), Canlis (Seattle), Big Mamma (Europe), Kei
(Paris) and Maybe Sammy (Sydney), and is now available in the
United States, Canada, the United Kingdom, France, Belgium, the
Netherlands, Switzerland, Germany, and Australia.
Dive into the transformative features of Lightspeed Restaurant
on our website, or to witness its powerful capabilities, see
www.lightspeedhq.com/pos/restaurant.
Methodology
Lightspeed analyzed internal data from thousands of restaurants
powered by Lightspeed across North America, comparing the period
from April-June 2023 against April-June 2022. The analysis reviewed
tipping data, check size and more across cohorts of bars, casual,
fine dining, upscale and fast casual hospitality businesses.
About Lightspeed
Powering the businesses that are the backbone of the global
economy, Lightspeed's one-stop commerce platform helps merchants
innovate to simplify, scale and provide exceptional customer
experiences. Our cloud commerce solution transforms and unifies
online and physical operations, multichannel sales, expansion to
new locations, global payments, financial solutions and connection
to supplier networks.
Founded in Montréal, Canada in 2005, Lightspeed is dual-listed
on the New York Stock Exchange (NYSE: LSPD) and Toronto Stock
Exchange (TSX: LSPD). With teams across North America, Europe and
Asia Pacific, the company serves retail, hospitality and golf
businesses in over 100 countries.
For more information, see www.lightspeedhq.com.
Follow us on social media: LinkedIn, Facebook, Instagram,
YouTube, and Twitter.
Forward-Looking Statements
This news release may include forward-looking information and
forward-looking statements within the meaning of applicable
securities laws ("forward-looking statements"). Forward-looking
statements are statements that are predictive in nature, depend
upon or refer to future events or conditions and are identified by
words such as "will", "expects", "anticipates", "intends", "plans",
"believes", "estimates" or similar expressions concerning matters
that are not historical facts. Such statements are based on current
expectations of Lightspeed's management and inherently involve
numerous risks and uncertainties, known and unknown, including
economic factors. A number of risks, uncertainties and other
factors may cause actual results to differ materially from the
forward-looking statements contained in this news release,
including, among other factors, those risk factors identified in
our most recent Management's Discussion and Analysis of Financial
Condition and Results of Operations, under "Risk Factors" in our
most recent Annual Information Form, and in our other filings with
the Canadian securities regulatory authorities and the U.S.
Securities and Exchange Commission, all of which are available
under our profiles on SEDAR at www.sedarplus.ca and on EDGAR at
www.sec.gov. Readers are cautioned to consider these and other
factors carefully when making decisions with respect to
Lightspeed's subordinate voting shares and not to place undue
reliance on forward-looking statements. Forward-looking statements
contained in this news release are not guarantees of future
performance and, while forward-looking statements are based on
certain assumptions that Lightspeed considers reasonable, actual
events and results could differ materially from those expressed or
implied by forward-looking statements made by Lightspeed. Except as
may be expressly required by applicable law, Lightspeed does not
undertake any obligation to update publicly or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
For further information: Media Contacts: Canada: Victoria Baker,
NKPR - victoriab@nkpr.net; USA: Jennifer Fugel, Newsmaker Group-
jfugel@newsmakergroup.com; Lightspeed Media Relations -
media@lightspeedhq.com; Investor Relations: Gus Papageorgiou,
Lightspeed Investor Relations -
investorrelations@lightspeedhq.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d7f7cd7c-d25f-4abd-b88f-26deab3cdcb3
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