Posted on 06/21/2023 8:21:08 AM PDT by Kaiser8408a
This morning I wrote about the Renter’s Misery index with rents spiralling out of control for the middle class and low wage workers. Now let’s switch focus to the restaurant business which are suffering under Biden’s reign of economic error.
Two years of negative real wage growth, depleted savings, mounting credit card debt, and soaring interest rate payments put pressure on consumers’ wallets. This might lead to some consumers trading down to cheaper quick-serve restaurants, ditching casual-dining chains in the second half of this year, according to a new report.
Bloomberg Intelligence’s Michael Halen penned a new note titled “2H Restaurant Sales: Inflation Killing Appetites.” It outlines, “Consumer spending finally buckles under more than two years of inflation and price hikes,” and the likely result is a trade-down of casual-dining chains like Brinker and Cheesecake Factory for quick-service chains like McDonald’s and Wendy’s
With record credit card debt load and highest interest payments in years, plus depleted savings, oh yeah, and we forgot, the restart of student loan payments later this year, this all may signal a consumer spending slowdown at causal diners while many trade down for McDonald’s value menu. Even then, we’ve reported consumers have shown that menu items at the fast-food chain have become too expensive.
(Excerpt) Read more at confoundedinterest.net ...
“Bidenflation is affecting the cost of just about everything we buy.”
And until the masses have used every last penny of available credit, they will not care, nor will they stop voting Dem.
Now once the masses are maxed out and can’t even get a payday loan, the economy will go belly up. We’ll see what happens then.
I used to go hit this one breakfast place each morning before work. The same half dozen local guys were there when it opened. It was a routine.
But things are such where this was something I no longer had the means to keep doing. I can buy a weeks worth of breakfast food for the price of eating out for one day.
I figured if I leave a $5 tip each morning, that’s roughly $1,200 a year some server just lost.
OMG...she’s even worse...but just does as she’s told....no more gas stoves?? Is she nuts?
Wendy said that wealthy customers are increasingly using their restaurant...... 🧐
Yes prices are out of control and when consumers trade down to Mcdonalds the prices will send them away for good.
““I just started cooking more. No need to pay $20 for a lunch, I just cook a lot on the weekend and freeze it all in those meal prep trays and I am back to $6-7 for a meal, and it’s better than most restaurants anyway.”
That’s the way to go if you have time. I do, but I’m retired. But I love to cook.”
Same for my wife and me. Retired have time to cook. Eating out too expensive. Splurge on birthdays for delivered pizza. Do buy frozen Chinese meals as we have not mastered that style of cooking and don’t keep all the different spices for it on hand. Do cook lots of Tex-Mex, freezes well cheap and we like it.
If only trump had been less orange and bad
Around here, many restaurants simply cannot get dependable workers. Most have empty tables due to lack of wait staff. Food quality isn’t what it was pre-coof and is more expensive to boot. Two burgers, two beers plus tip is around $60. If the plandemic taught me anything it was that I can cook pretty darn good at home.
“McDonald’s value menu”
The dollar mini-sandwich are gone.
The menus are going to have to get revamped for food prep economy and self-order entry has to get widespread.
Just go buy a burrito at a food truck. Pre chomo Joe a burrito would cost $5 to $8. Now. I am seeing food truck menus with the lowest cost burrito at $18. Who the hell buys $18 burritos. And beer... 12 dollars a six pack for anything decent.
Just go buy a burrito at a food truck. Pre chomo Joe a burrito would cost $5 to $8. Now. I am seeing food truck menus with the lowest cost burrito at $18. Who the hell buys $18 burritos. And beer... 12 dollars a six pack for anything decent.
Wawa has full - sized hoagies for $6 during hoagiefest. Got a tuna hoagie yesterday, enough for 2 meals.
We used to go out to restaurants once a week. Now it’s once every 2 months. Don’t think for a minute the inflation isn’t part of the biden thugs’ plan. They can’t kill all of us s this is the next best thing.
The restaurants seem to me to have gone up a lot more than inflation.
The family pack from the local chinese place is up from $40 to $60 since precovid. That’s 50% inflation. Even spread over three years that’s 15% a year.
In the past 30 days I’ve bought one bagel with lox and cream cheese to go from a local sandwich shop. Other than that, everything was eaten at home with the exception of some free food at the local VFW post on Memorial Day. Restaurant food is too expensive and the service is really bad due to being understaffed. It’s much easier and way cheaper to just eat at home.
“ Yes, $25+ at Five Guys! $15+ at McDonalds.”
I’m showing my age but that reminded me of an old McDonalds commercial showing a man and his son both eating and getting change back from a $5 bill.
The phrase “I’ll bet you a dollar to a doughnut” is no longer being heard, with doughnuts now costing about $1.50.
Carls Jr. used to have on its menu the “six-dollar burger,” which cost around $2.50 but was supposed to be the equivalent of a $6.00 burger sold in upscale restaurants. With the actual cost of the burger now exceeding $6.00, the name has been quietly retired.
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