Raise your hands if your favorite fast food brand is not experiencing a price hike. No hands, right? The recent fast food price hike has become a trend that is hard to ignore. Currently, many are forced to scout for a more cost-saving meal option.
Since 2014, the cost of goods in the US has increased by 31%, while prices at popular fast food chains have jacked up by an average of 60%, nearly double the inflation rate. McDonald’s is sitting pretty at the top of this trend, with a mind-blowing 100% price hike.
For example, what used to be a $1 chicken sandwich now costs $3, indicating a staggering 200% increase. Even the beloved Big Mac combo has seen huge price jumps, sparking discussions among consumers online.
Fast Food Frenzy: Price Hikes and What People Are Saying
Let’s talk about McDonald’s Big Mac! This combo now costs over $18, marking an increase of more than 100% since 2014. With how things are going, we are left with just one question: Should fast food be a quick and affordable option or a luxurious indulgence?
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Besides McDonald’s, Taco Bell prices have increased 81% over the past decade. The once $1.39 Doritos Locos Taco now costs $2.59, while the Cheesy Gordita Crunch has doubled to $4.99. Moreover, the Beefy 5-Layer Burrito saw a 132% increase, showing the overall trend of steep price hikes.
Another beloved restaurant is Chipotle, which has also seen a 75% increase in its prices. In 2014, a burrito cost around $6.75, but guess what? Today, it’s over $10.50. Even the extra guacamole, which was $1.80, now costs $2.95, indicating a 64% rise.
Like Chipole, Popeyes has seen a 75% price hike in the last ten years. Popular items like their Chicken Sandwich have become significantly more expensive, contributing to the overall rise in their menu prices.
Unlike others, Subway has kept its price hikes stable but still exceeded the national inflation rate. The Footlong Sub saw moderate increases, maintaining a more affordable profile even as the campaign for its affordability was eventually abandoned.
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Lastly, Starbucks prices have risen by 31%, closely matching the national inflation rate. Popular drinks like the Chai Tea Latte and Mocha Frappuccino have notably increased. Other options, like the Caffè Latte and Caramel Macchiato, have experienced slower price growth.
Impact of Fast Food Price Hike on Consumers
According to a recent survey from LendingTree, almost 80% of Americans think of fast food as a rich man’s food. Over 60% of respondents are cutting back on their fast food consumption, which is more pronounced among those earning below $30,000 annually.
Due to rising living costs, these people find it extremely difficult to justify their expenses. But what if I told you that despite the price hike, you can still save money or maximize the benefits of your purchases? Cool, right?
Here’s the drill. Ensure that you use credit cards that offer cash back on dining. Secondly, download various fast food apps that offer exclusive deals. Lastly, watch for special promotions like McDonald’s $5 meal deal.
Trust me, if you stick to these strategies, you will definitely enjoy your favorite fast food items without creating a hole in your pocket.
Fast Food Giants’ Financial Growth
Despite the price hikes, notable fast-food chains have experienced huge financial growth. McDonald’s reported revenues of $53.1 billion, a 9% increase. Starbucks saw a 12.5% rise, reaching $31.6 billion. Chick-fil-A experienced a 14.7% increase, bringing in $21.6 billion.
Taco Bell’s revenue grew 8.2% to $15 billion, and Wendy’s saw a 5.1% increase to $12.3 billion. Dunkin’ reported a 5.7% rise, totaling $11.9 billion, while Burger King grew by 6.6% to $11 billion. Subway saw a modest 2.1% increase, reaching $10 billion.
Chipotle’s revenue surged by 15.3% to $9.9 billion, and Domino’s experienced a 3.1% rise, totaling $9 billion. The rankings among these top companies have remained largely stable compared to the 2022 report.
A notable exception is Chipotle, which moved from tenth to ninth place. These leading chains have grown at a faster rate than the other 410 companies in the report, collectively accounting for 44% of all sales.
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