MAFSI Barometer: Sales Fall, Hopes Rise for 2024

MAFSI’s Q4 Business Barometer shows overall sales once again were lower than forecasted, coming in at a gain of 1.1% versus 1.7%. Overall sales in Q3/23 were up 2%.

Q4/23 represents the 10th quarter of retrenchment from the post-COVID surge, says Michael R. Posternak, CEO at PBAC and Associates, in the executive summary.

Specifically, compared to Q4/22, the sales percent change by region showed the Northeast was down 0.6% and Canada was down 0.4%, while the West was up 0.1%, the South, 0.5%, and Midwest, 3.2%. Product-wise, throughout North America, overall sales for equipment was up 1%, supply, 0.5%, tabletop, 0.9%, and furniture, 2.9%.

The overall forecast for Q1/24 calls for a gain of 0.5%. Posternak says the foodservice E&S market has entered a period of, at best, flat sales.

Forecast 2024
The forecast for 2024 is an increase of 3.6%. “With less than vibrant data on quoting and consultant measurements, this appears to be optimistic, and very likely based on the hopes for a second half rebound, when comparable numbers will be easier to beat,” Posternak says.