Nearly 80% of Americans now consider fast food a 'luxury' due to high prices
FOX Business' Brian Brenberg looks at rising fast-food prices under President Biden.
Has a trip through the drive-through become an extravagance? The vast majority of Americans says so.
A recent survey conducted by LendingTree found 78% of consumers now consider fast food to be a «luxury» purchase due to how expensive the meals have become.
This view shows an In-N-Out Burger last month. (Robert Gauthier/ Los Angeles Times / Getty Images)
Half of those polled said they view fast food as a luxury because they’re struggling financially. This is especially true among Americans who make less than $30,000 a year (71%), parents with young children (58%), and Gen Zers (58%).
Americans love their fast food, but a majority say they are pulling back on their consumption due to high prices. The findings show 3 out of 4 Americans typically eat fast food once a week, but 62% of respondents said they are eating it less frequently due to the cost.
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Sixty-three percent of those surveyed agreed fast food should be cheaper than eating at home, but 75% say that is not the case. Nearly half of Americans (46%) say a meal at a fast-food restaurant costs about the same as one at their local sit-down restaurants, and 22% said fast food is actually more expensive.
Survey reveals Americans think fast food is too expensive. (Michael Nagle/Bloomberg via Getty Images / Getty Images)
Fast-food price hikes have outpaced inflation in recent years. Data from the Federal Reserve Bank of St. Louis shows the cost of fast-food meals are up 41% from 2017 while the consumer price index has risen by 35.9%.
Columnist Dan O'Donnell of the free market think tank the
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