According to a survey by financial services platform LendingTree, rising fast food prices are making it less attractive for consumers, who are increasingly viewing fast food as an “indulgence.”
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LendingTree said the sentiment was primarily due to “rapid inflation” that has forced consumers to change their spending habits.
“For many, this means fewer trips to the drive-thru to get their favorite burger, burrito or spicy chicken sandwich, and perceptions of fast food have changed,” the platform said.
Rising fast food prices are forcing consumers to curb their cravings, according to a survey of more than 2,000 American adults that surveyed their opinions and behaviors regarding fast food.
The survey found that 78% of consumers consider fast food a luxury because of its high price, while half of respondents said they consider it a luxury because they are “tight on finances.”
This sentiment resonates with 71% of consumers who earn less than $30,000 a year, including 58% of parents with young children, 58% of Gen Zers and 53% of women, according to the survey.
But consumers continue to feel pressured by rising food prices, making going to a restaurant, even a fast-food chain, a bigger decision than it used to be, which may be part of the reason why consumers are buying more groceries and eating at home.
According to a LendingTree survey, three in four Americans typically eat fast food once a week, but 62% say rising prices have caused them to eat fast food less often.
This has come as a pleasant surprise to consumers and their wallets, with 65% of people saying they were “shocked” by how high their fast-food bills were in the past six months, according to the survey.
