Sales of foodservice equipment and supplies came in at -1.0% in the second quarter of 2024, per the Manufacturers’ Agents Association for the Foodservice Industry. Reps project sales of foodservice equipment and supplies will shrink by 1.6% in the third quarter of 2024, per the MAFSI Business Barometer.

In comparison, foodservice equipment and supplies sales grew by 0.1% during the first quarter of 2024, per the MAFSI. And sales for the second quarter of 2023 showed a gain of 4.1%.

“At best, the industry has entered a period of stagflation (lower sales/higher prices) and is hopefully bottoming out. As inflation lessens and interest rates come down, a recovery should start to come into our sights, perhaps in Q4/24 or Q1/25,” said Michael R. Posternak, CEO of PBAC and Associates, Eastchester, N.Y., in a statement that accompanied the release of the data.

Looking at sales by product category, supply items represented the lone bright spot, increasing by 2.4%. Furnishings saw sales decline by 3.8% and sales of tabletop items dipped by 2.1%. Equipment sales declined by 1.0%.

All geographic regions recorded shrinkage for the second quarter including -0.5% in the Midwest, -0.8% Canada, -1.0% West, -1.1% South, and 1.5% Northeast.

Only 29% of reps report an increase in quoting activity for the second quarter of 2024. This marks a 6% decline from the previous quarter. And only 15% of reps report an increase in consultant activity for the second quarter.