According to a new poll, nearly 80% of Americans now consider fast food a luxury item, as inflation affects Americans throughout the U.S.
According to the data, fast food chains like Taco Bell, McDonald’s, and Popeye’s have all substantially raised their pricing. According to the Bureau of Labor Statistics, the rate of rise is outpacing that of food costs.
According to a poll by LendingTree, many Americans see fast food as a luxury item, and more than half have reduced their consumption due to the exorbitant pricing.
A Big Mac from McDonald’s now costs over $8. It cost half that three years ago. Both Popeyes and Taco Bell have seen price increases of almost 80%. Subway has discontinued its $5 foot-long sandwich.
Fast food costs have increased at a quicker rate than grocery store prices, according to the Bureau of Labor Statistics, and this trend has continued even as inflation has surpassed them. A recent poll conducted by LendingTree questioned 2,000 individuals. The results show that fast food is considered a luxury by over 80% of respondents and that over 60% have reduced their fast food consumption due to price concerns. People who are suffering financially—those with annual incomes below $30,000 in particular—see it as an indulgence, according to several of those polls.
While many businesses are pointing fingers at inflation, the cost of dining out has increased by 22% since Biden became president. The minimum wage in certain Democrat states, including California, has risen from $16 to $20 per hour, which has begun to have an impact on certain businesses as employees are either reduced in hours or laid off entirely due to increased pricing.
According to franchise expert Nick Neonakis, automation is the future.
With current robot technology, the primary goal is to begin displacing humans. You may already see it in action at a number of different places where kiosk ordering is available. The next thing you’ll see is robots cooking.
Consumer price index (CPI) data reveals that inflation increased 0.3% for the third consecutive month in April, compared to the latter half of 2023, when it was headed down below 3%, despite Biden’s repeated claims that it is trending in the correct direction.
