Fast Food Sales
Fast food giants are gaining on their competitors, as customers start to forgo their growing bottom for their bottom line.
In the first quarter of the year McDonalds, Burger King and Wendy’s all posted an increase in sales with McDonalds posting the highest rise with 5.4%. This comes after all three of the restaurants repeatedly lost to businesses that offered healthier options such as Chipotle and Panera Bread.
Experts say the changing tide is being driven by the industry's cheaper prices. Over the past few months all of the big three have been offering more options on their dollar menus, better value meals and expanding their menus to include breakfast and late night options. And the promotions are working. Deal based traffic to McDonalds, Burger King and Wendy’s increased 3% in the first quarter with promotions counting for 25% of sales.
Experts say consumers are nervous about the state of the economy with the presidential election around the corner and are already cutting back. It looks like this race to the white house could leave all of us a little hungry.