A customer receives a burger and ice cream at McDonald’s. (Getty Images)
Once thought of as a quick and affordable meal, fast food is now considered a luxury for many Americans due to rising menu prices, according to a new study from LendingTree.
The financial advice website recently asked more than 2,000 adults how they feel about fast food and how often they eat it.
Nearly eight in 10 people surveyed said they considered fast food a “luxury item” and 62% said they were eating fast food less often because of rising prices.
There was also a socio-economic factor.
Half of those surveyed said they are struggling financially and consider fast food a luxury, especially among those making less than $30,000 a year (71%), parents with young children (58%), Gen Z (58%) and women (53%).
This is what California fast-food restaurants should do instead of raising prices, franchise owner says
Menu prices at major restaurant chains like McDonald’s, Chipotle, Taco Bell, and Chick-fil-A often vary depending on your location, but no matter where you live, prices have risen significantly over the past decade, often outpacing the rate of inflation.
According to FinanceBuzz, average menu prices have risen between 39% and 100% since 2014, while overall inflation has risen 31%.
Other findings include:
McDonald’s menu prices have doubled (100%) since 2014. Popeyes prices have increased 86%. Taco Bell prices have increased 81%. Subway and Starbucks prices have increased 39%.
In California, many franchisees say they are being forced to raise prices after a new state law took effect on April 1 raising the minimum wage for fast-food workers from $16 to $20 an hour.
But there are signs the pendulum may be swinging back toward cheaper menu options: McDonald’s recently announced it would add $5 value items to its US menu to combat sagging sales, and Wendy’s launched a $3 breakfast initiative.
