Sales of foodservice equipment and supplies increased by 2.0% during the third quarter of 2023, per data from the Manufacturers’ Agents Association for the Foodservice Industry. This was 1.5% less than what reps had forecast for the period, according to the MAFSI Business Barometer.
Over the past nine quarters, foodservice equipment and supplies sales growth has steadily declined from a peak of 19.1% in the second quarter of 2021.
Looking ahead reps project sales of foodservice equipment and supplies will increase 1.7% for the fourth quarter of 2023. Reps now forecast sales of foodservice equipment and supplies for 2023 will be 5.9% greater than in 2022.
Comparing 2023’s third-quarter sales performance by product category to the same period in 2022, equipment led the way with a 2.4% increase, followed by tabletop at 1.3% and supply items at 1.0%. Sales of furnishings declined 0.5%.
Looking at quoting activity, 24% of reps report more activity, 34% report less activity and 42% report no change. In terms of consultant activity, 28% of reps report less activity, 29% report more activity and 43% report no change.
On a regional basis, the Northeast and Southern regions reported a 6.4% sales increase compared to the third quarter of 2022. The Midwest and Western regions saw sales increases of 4.8% and 4.5%, respectively. Canada led the way with a 7.9% sales increase.