Looks like McDonald’s is reaping what it sowed. Shit food at shit prices and no one wants to buy?! SHOCKER.
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I guess “consumer pullback” is one way to describe what’s going on with the economy…
The headline uses that term because consumer spending, across the economy as a whole, is up and a healthy amount. The “pullback” appears to be in select subsectors where price increases have drastically outstripped core inflation and/or specific companies who have done so without regard for competitors’ pricing.
Thank you.
It shouldn’t (still) surprise me, but it always does…when people do drastically misunderstand or misinterpret economic information.
In fairness, this is a new development as far as economics goes. It’s very unusual that a fast food burger is as expensive as a sit down restaurant. Which is why we’ve used things such as the Big Mac index for understanding purchasing power. Prior to this, it was assumed that fast food was a kind of essential item that arrived at its lowest cost.
What other consumer spending is up? Does that include rent and groceries? I mean, is that “increase” I spending not due to ridiculous amounts of “inflation” (read: corporate profits)?
(Can’t read the posted article since it blocks adblockers apparently)
Real personal consumption expenditures is the most commonly used metric for “consumer spending” and it is adjusted against inflation. That is the number which is seeing 0.3-0.5% growth month over month, in 2024. There are other ways to measure consumer spending which are not adjusted against inflation or may only target baskets of goods.
(Can’t read the posted article since it blocks adblockers apparently)
Some talking heads on NPR were discussing the economy and how this was “the first time Millenials were seeing inflation” and how the economy is just waiting for consumers to “adjust”. This in the context of them also basically saying there needs to be more unemployment so wages don’t get higher.
It’s like victim blaming or something, corporations went on a price gouging spree during the pandemic and now we all have to learn to deal with it so Wallstreet can go back to business as usual, and they’re getting all pissy that people’s response is simply finding ways to spend less, instead of giving up their last nickle.
Funny how they never talk about corporations needing to tighten their belt or “adjust their expectations” to paying higher wages.
The shareholders probably care, but to the layman, expecting 6.61 billion and only earning 6.49 billion doesn’t amount to much. They’re not going anywhere.
As a shareholder you should be concerned about high prices, poor service, and filthy stores. Not sure why anyone would want to pay a premium for their product when there are much better options for the same prices.
I don’t care other than economy is a powerful predictor of election outcome. I think we are due for a market contraction, and I’ve been out of work for 4 months, but I’m hoping it can hold on for another quarter.
Best of luck finding work.
I’m with you, in that I smell a recession. I don’t think it will be cataclysmic, but we have a lot of things pointing to some shrinkage:
Consumers are unhappy with greedflation
Housing is fucking expensive and no one has extra cash on hand
Multiple reports of a large percentage people not being able to make bills or worried about making them.
Not to mention the mounds of debt people are dragging around that they are unable to pay off
Consumer spending continues to show growth and be positive. This is a McDonald’s and fast food generally contraction due to the industry’s greed – pricing of fast food has outstripped actual inflation drastically.
Last time I went to McDonalds it was almost as much as a decent pub burger.
Why wouldn’t I just go there and get twice the quality unless I was close by and totally pressed for time?
McDonald’s has long forgotten what is supposed to be. Cheap, low quality food. Now it is expensive, low quality food. Like you said…you can get a better burger at a restaurant for the same price if not lower. Longhorn Steakhouse has a burger lunch special for $9.99
The Whataburger sweet g spicy burger combo is all of like $12 and change after tax. And that’s the large size.
And their food is actually pretty good.
Whataburger
They always decent fasr food that was better than mega corps had to offer. Goot o see them still fighting the good fight lol
Just before COVID they had started to do a bit of a rebrand. They drove the prices up a little they had a decent chicken sandwich that was made of chicken breast. They brought in better buns the burgers were still s*** but the quality was a lot higher and the price was moderately higher. After COVID hit they scrapped all the fancy stuff for the menu and kept the high prices then inflation hit and they doubled those high prices.
Also there are fast food alternatives to McDonalds as well.
IMO, Wendy’s has much better burgers. Haven’t had Carl’s Jr’s in a long while but I remember their “$6 Burgers” were pretty good.
Burger King, the meat quality seems to have gone downhill. Like an unchewable but in each meat patty. They used to be my favorite.
Edit: the “$6 burger” is now called the thick burger since it now costs more than $6
I had Five Guys for the first time ever last year and I was surprised by how good their burger was. The prices were a little shocking, but the food was not bad.
The only reason I’ve only ever eaten at 5guys once is the fact that the place is just stupid with peanut shells.
Went to Five Guys and made the mistake of ordering the Grilled Cheese.
It was a burger bun, turned inside out, with a sad slab of half-melted American cheese between the pieces.
Never going back.
In Canada, A&W has cheaper prices for WAY better quality food. It was a few years back we were enjoying some “as a treat” and realized it was not just significantly better than McD’s, but also much cheaper, and we decided we just weren’t going back.
My household is partial to a couple of chicken buddy burgers in a time crunch.
