For the first time in years, people are buying more groceries, including pricier brands, to replace restaurant outings. From McDonald's to Starbucks, fast food and cafes are feeling it.
KD Deshmukh says he recently celebrated his spouse's birthday with a salmon dinner at home. He also buys in bulk, clips coupons and has switched to more store brands to save money at the grocery store.For the first time in years, people's grocery hauls are getting bigger. And many are choosing to splurge a bit at the supermarket over going out to eat, prompting fast-food and other chains to step up deals and meal combos.
"Because at least it's a little treat," says Circana's Sally Lyons Wyatt."It's a little reward of — all right, I'm cutting back in these places, but at least I can have something that I perceive to be better quality, better taste, better experience" at home. KFC, Arby's and Buffalo Wild Wings saw fewer visitors in July compared with last year, according to Placer.ai, which tracks foot traffic. Visits to Burger King, Wendy’s and Taco Bell increased.
"They're dropping out of the market, eating at home and finding other ways to economize, cutting down on trips," McDonald's CEO Chris Kempczinski. The chain still gets more higher-income customers, but"it's just not enough to offset the pressure that we're seeing on that low-income consumer."McDonald's is now extending the run of its new $5 value meal through the summer and is doubling down on promotions like free fries for purchases through its app.
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