Fast Food no longer worth it: 62% said they are eating it less frequently due to the cost

Fast-Food-prices

Revelation 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • Many Americans consider fast food to be a ‘luxury’ good since prices have skyrocketed
  • Fast food is beloved in America because it is cheap and convenient.
  • At least it used to be.
  • The recent inflation report for April showed that since President Biden took office, the cost of eating out at restaurants is up nearly 22%. However, fast food has been hit particularly hard, with prices dramatically rising at the most popular restaurant chains beginning even before the COVID-19 pandemic.
  • Gone, too, are the days of the $5 Footlong at Subway. A BLT Footlong that cost $5.50 in 2019 now costs customers $8.49 in 2024, though prices can vary by location. Additionally, Chipotle’s beloved chicken burrito that cost $6.50 in 2019 now runs customers $10.70.
  • Fast-food executives have pointed to rising wages and increased costs for ingredients as factors driving up the prices on their menus.
  • Data from the Federal Reserve Bank of St. Louis shows that fast-food prices have actually increased faster than the average hourly earnings of most employees at fast-food restaurants. Fast-food prices have also outpaced inflation, rising 41% from 2017, while the consumer price index has increased by 35.9%.
  • A recent survey conducted by LendingTree found 78% of consumers now consider fast food to be a “luxury” purchase due to how expensive the meals have become.
  • The financial strain means fewer people are visiting the drive-thru. The findings show three out of four Americans typically eat fast-food once a week, but 62% of respondents said they are eating it less frequently due to the cost.

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