This Fast Food Change Is Crushing Americans.
(NewsBroadcast.com) – It’s been said that every cloud has a silver lining, but this one may be more akin to stainless steel like the counter one finds at fast food restaurants around the world. There is no shortage of studies that link obesity and diabetes to consuming those burritos, burgers and, admittedly, tasty french fries. Now, it seems Americans are cutting down on their visits.
Good news? If it was because of some health craze sweeping across the nation, then probably yes. However, the truth is people across all income levels are cutting back on fast food spending simply because they can no longer afford to eat out due to the rampant inflation in the wake of the pandemic.
Morning Consult recently published the results of a survey that asked if people had changed the way they eat or drink, as a result of inflation, with 53% of the respondents saying they have. For those reporting an annual income of less than $50,000, the figure jumps to 56%.
Of the poll respondents who said they had changed their habits, a full 84% said they are going out to restaurants less often.
Earnings reports from Chipotle and McDonald’s are reinforcing data that shows lower-income Americans cutting back on spending as inflation erodes their finances https://t.co/0fa1GOFg9g via @business @PattonLes
— John J. Edwards III (@johnjedwards3) July 27, 2022
With fears of an economic recession looming after the government announced two consecutive quarters of the shrinking gross domestic product (GDP) and continued increases in the Consumer Price Index (CPI), some experts believe it is unlikely spending habits will improve anytime soon.
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