(TheConservativeTimes.org) – The price of food at fast food restaurants has made executives worry about the future of their business as sales have dropped from a tight economy. Executives from McDonald’s and Wendy’s have said that they are concerned about losing business as people struggle with tighter budgets and lower-income families are unable to eat out as often.
According to a recent poll done by Revenue Management Solutions, low-income families, which are categorized by those who earn less than fifty thousand dollars annually, have said they are eating at these fast dining places much less frequently due to their financial situation.
Food prices all around including restaurants and grocery store prices went up exponentially over the last year or so, which has put a lot of financial stress on households.
Lauren Oxford, a resident in Tennessee said that she used to get two hamburgers, fries, and a drink for under five dollars. She had to cut down on what she was getting as the prices rose and she was spending much more than five dollars.
Experts have said that fast-food companies are not as eager to do more to get traffic by cutting down pricing. For example, years ago Wedny’s, Mcdonald’s, and even KFC came out with deals and combos that allowed consumers to save money when getting their food.
The CEO of McDonald’s, Chris Kempczinski, emphasized the struggle, saying, “The battleground is certainly with that low-income consumer.” He said that he hopes their value menu will help to cater to low-income families who have to choose to eat at home more often. He also says that in-app offers and other coupons will help to save money on food.
Fast food companies are looking into how they can make their fast food more accessible to people amid the inflation and the rise in food costs.
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