US INFLATION CAUSING AMERICANS TO VIEW FAST FOOD AS A ‘LUXURY’: NEW SURVEY

Fri 31 May 2024:

According to the survey, 3 out of 4 Americans typically eat fast food once a week, but 62% say they are eating fast food less frequently due to its “luxurious” cost.

About 78% of American consumers now consider fast food to be a “luxury” purchase due to the cost, a recent non-probability survey found. Half of those polled said it was too expensive for them because they are struggling financially, including 71% of those who say they make less than $30,000; 58% who are parents of small children; and 58% who belong to Generation Z – those between the ages of 11 and 26, Sputnik reported.

Those making higher incomes (52% of those earning $100,000 or more a year) are also eating fast food less.From the perspective of Americans who were surveyed, 75% believe fast food should be less expensive than eating at home. And almost half (46%) of Americans surveyed say eating at a fast food restaurant costs about the same as their local sit-down restaurant, with 22% suggesting that fast food is actually more expensive.

According to an article published in March of this year, fast food prices have skyrocketed in the past 10 years and grew at nearly double the national rate of inflation. The inflation percentages for some of Americans’ favorite fast food restaurants include: McDonalds at 100%; Popeyes at 86%; Taco Bell at 81%; Chipotle at 75%, and Starbucks increasing by 39%.

In 2014 the McDonald’s Quarter Pounder with cheese meal was $5.39; in 2024 that price increased to $11.99 which is a 122% increase. McDonald’s medium fries cost $1.59 in 2014, and that prices surged to $3.79 in 2024; a 138% increase. And perhaps the biggest percentage increase for a McDonald’s item was the McChicken sandwich which cost just $1.00 in 2014, and surged to $2.99 in 2024.

Surge pricing has also affected those who opt to eat at the drive-through: Wendy’s started a media buzz when they announced their plans to use technology as a way to surge price items during busier times of the day. The fast food company has since walked back that claim.In an attempt to lure customers back to their drive-throughs, some fast food chains will offer promotions for a limited time, including McDonald’s which plans to offer a $5 combo meal in June.

In March, Sputnik reported that McDonald’s estimated financial loss after leaving Russia was about “$50 million monthly, stemming from operational costs, including continuing to pay staff, leases, supply chain costs and other expenses. The chain was later bought by Russian businessman Alexander Govor for a ‘symbolic amount’ and rebranded under the name ‘Vkusno i Tochka’”.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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