People in America now consider fast food as a luxury good, courtesy of the rising cost of meals due to inflation, states a new survey. Conducted by the financial website LendingTree, the survey finds that Americans have currently curtailed eating out, raising concern among restaurant chains and fast-food joints. According to a report by the Independent, more than 2000 American adults were asked about their buying habits and dining out, when it comes to fast food. It was found that although three in four Americans typically have fast food once a week, there has been a significant dip in dining out due to rising prices.
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What Were The Findings Of The Survey:
"For generations, American families have looked at fast food as a relatively cheap, inexpensive option for nights where you don't want to cook after work, or you're bringing the kids home from soccer practice," said Matt Schulz, chief credit analyst at LendingTree, as per the USA Today. However, the situation has been changing since inflation hit the market. The findings of the survey stated:
1. 78% of consumers said they view fast food as a luxury because of its cost
2. 62% people said they are eating less fast food due to the price hike
3. 65% of consumers said they've been shocked by a fast-food bill in the last six months
4. 75% people said it's cheaper to eat at home.
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For the uninitiated, USA Today reports that fast food prices are up 4.8% since last year (2023) and 47% since 2014, according to the Bureau of Labour Statistics.
Fox Business quotes McDonald's CEO Chris Kempczinski stating that industry traffic in the USA has been slow across all major markets. "We know our customers are looking for reliable everyday value now more than ever," he added.