Dining out monthly trends: May 2026

Research evidence excerpt

Dining out monthly trends: May 2026

16 June 2026

Mizuho Securities Equity Research Retail / Restaurants & Food services

Industry Overview

Sales 39% over pre-COVID levels: 32nd straight month of double-digit growth

Senior Analyst: Summary

Hideya Asaeda Aggregate same-store sales at the 21 restaurant chains referenced in this

+81 3 6202 8598 report rose by 8.6% YoY in May, for the 54th straight month of YoY growth.

hideya.asaeda@mizuho-sc.com Sales were firm partly due to positive calendar effects, as there were two more

non-business days (a Sunday and national holiday) YoY in May. The figure wasSenior Analyst:

39% higher than the pre-COVID May 2019 level, putting it above pre-COVIDToshio Takahashi

levels by double digits for the 32nd straight month (since October 2023). Same-+81 3 6202 8325

toshio.takahashi@mizuho-sc.com store sales were a firm 78% higher at Saizeriya, 73% higher at Ootoya, and

71% higher at McDonald’s. We still feel that fine-tuned pricing is important as

costs will likely rise for store management, including labor and utility costs.

Key trends by company

At major Western-style fast food restaurants, May same-store sales were up

5.7% (customer traffic up 0.6%, average spending per customer up 5.0%) at

McDonald’s (McDonald’s Holdings Japan) and up 7.1% (up 6.0%, up 1.1%) at

Mos Burger (Mos Food Services). Same-store sales remained well above pre-

COVID levels at both McDonald’s (71% above) and Mos Burger (63% above).

Sales at McDonald’s rose for the 17th straight month, helped by a collaboration

with Chiikawa for the Happy Set.

For Japanese-style fast food chains, same-store sales were up 15.9%

(customer traffic up 17.8%, average spending per customer down 1.6%)

at Sukiya (Zensho Holdings), up 9.6% (up 3.3%, up 6.1%) at Yoshinoya