Has a trip through the drive-through become an extravagance? According to a recent report conducted by LendingTree, 78% of consumers now consider fast food to be a “luxury” purchase due to the high costs of meals. This marks a significant shift in the perception of fast food, traditionally seen as a quick and affordable dining option.
The survey reveals that financial struggles are at the heart of this change in perspective. Half of the respondents indicated they view fast food as a luxury because of Bidenflation and the price increase are killing those earning less than $30,000 a year, parents with young children, and Gen Zers, with 71%, 58%, and 58% respectively seeing fast food as an extravagant expense.
Despite America’s love for fast food, the high prices are causing many to cut back on their consumption. The survey found that although three out of four Americans typically eat fast food once a week, 62% are now doing so less frequently because of the cost. Additionally, 63% of those surveyed believe fast food should be cheaper than eating at home, but 75% argue this is not the case. Nearly half (46%) of respondents noted that a meal at a fast-food restaurant costs about the same as one at a local sit-down restaurant, and 22% said fast food is actually more expensive.
Columnist Dan O’Donnell from the MacIver Institute highlighted the impact of these price hikes on lower- and middle-class families. He noted that prices for basic items like McDonald’s cheeseburgers and Chick-fil-A nuggets have surged by as much as 200% in less than five years. This dramatic increase forces families to either cut down on their fast food outings or stretch their budgets further to afford them.
Perhaps the most damning information was a chart I found detailing the price increases.
I know we use hyperbole here sometimes but this really is shocking.
Items like the McChicken has increased in price by 200%.
The classic Mcdonald’s cheeseburger price has increased by 215%.
HOLY SHIT.
I knew Bidenflation was bad but I didn’t realize how bad pic.twitter.com/yfoBLHQWkm
— Tim Pool (@Timcast) May 21, 2024
