Once viewed as a quick, affordable meal, fast food is increasingly seen as a luxury by many Americans due to rising menu prices, according to a new LendingTree survey.
The financial advice website recently asked more than 2,000 adults how they feel about -and how often they eat- fast food.
Nearly 8 in 10 said they now view fast food as a “luxury,” and 62% said they are eating it less often because prices have gone up, the survey found.
There was also a socioeconomic component.
Half of those surveyed said they consider fast food a luxury because they are struggling financially. This was particularly true among those who make less than $30,000 a year (71%), parents with young children (58%), Gen Zers (58%) and women (53%).
Menu prices at major restaurant chains, including McDonald’s, Chipotle, Taco Bell and Chick-fil-A, often vary by location. But no matter where you live, prices have risen substantially over the past decade and, in many cases, have outpaced inflation.
According to FinanceBuzz, average menu prices have risen between 39% and 100% since 2014, while overall inflation has climbed 31%.
Other findings include:
- McDonald’s menu prices have doubled (100%) since 2014.
- Popeye’s prices have increased 86%.
- Taco Bell prices have risen 81%.
- Prices at Subway and Starbucks have climbed by 39%.
In California, many franchisees said they had no choice but to raise prices after a new state law took effect on April 1, boosting the minimum wage for fast food workers from $16 to $20 an hour.
There are signs, however, that the pendulum could be swinging back toward cheaper menu options. McDonald’s recently announced that it will add a $5 value meal to its U.S. menus to counter slowing sales, while Wendy’s has launched a $3 breakfast meal deal.
