Is fast food now luxurious in the US? Almost 80% of Americans said yes, according to a new survey conducted by Lending Tree, a North Carolina-based online lending marketplace. The survey's results showed that the majority of Americans now consider fast food a luxury purchase. 

Is Fast Food Now Luxurious? Over 80% of Americans Say Yes

According to Fox Business' latest report, Lending Tree's survey discovered that 78% of American consumers find fast food super expensive because the meals' prices are drastically increasing.

Among the Americans that were surveyed are parents who make less than $30,000 per year (71%), Gen Zers or Zoomers (58%), and parents with young children (58%). These individuals, who are already grappling with financial challenges, are now finding fast food to be a luxury due to the drastic price increases.

Lending Tree's survey also revealed a significant shift in consumer behavior. 3 out of 4 Americans usually purchase fast food once a week. However, due to the price hikes, a staggering 62% of them said that they are now eating fast food less frequently.

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Rising Fast Food Prices

Yahoo Finance reported that average menu prices have increased drastically, between 39% and 100%, since 2014. This is because overall inflation has increased 31%.

Here is a list of some of the fast-food giants that drastically increased their menu prices: 

• Taco Bell: 81%
• Popeye's: 86%
• Starbucks: 39%
• Subway: 39%
• McDonald's: 100% since 2014

Aside from inflation, there are other factors at play that are driving up the prices of fast food. One of these is the new state law in California, which increased the hourly rate of workers from $16 to $20. These factors, combined with inflation, are creating a challenging economic environment for fast food consumers.

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