Nearly 80% of consumers are considering fast food a 'luxury' because of a continuous increase in prices, according to a new Lending Tree survey.
A new LendingTree survey finds nearly 80% of consumers now consider fast food a 'luxury' because of rising prices.A recent report by USA Today found fast food prices are up, on average, 47% in the last 10-years, which is almost double the inflation rate in the same period. Some items, however, like a McDonalds Big Mac meal is up 70%. It's a hard fact to swallow, for some.The good news for most U.S.
Some industry experts say that marketing will squeeze profit margins that are still under pressure from inflation and supply costs. "The franchisor can say, 'We're going to give food away, or at a very low margin," says Nick Neonakis, of The Franchise Consulting Company, "But it's going to be the local franchisee, who's a small business owner, that is going to take the brunt of that."Neonakis says food costs are just part of the problem.
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