{"id":61808,"date":"2023-09-16T13:26:15","date_gmt":"2023-09-16T17:26:15","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/there-are-deals-aplenty-on-national-cheeseburger-day-but-are-you-ready-to-pay-10-for-a-burger-otherwise\/"},"modified":"2023-09-16T13:26:19","modified_gmt":"2023-09-16T17:26:19","slug":"there-are-deals-aplenty-on-national-cheeseburger-day-but-are-you-ready-to-pay-10-for-a-burger-otherwise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=61808","title":{"rendered":"There are deals aplenty on National Cheeseburger Day, but are you ready to pay $10 for a burger otherwise?"},"content":{"rendered":"

If you\u2019re a burger eater, you\u2019ll have plenty of reason to celebrate on Sept. 18. It\u2019s National Cheeseburger Day, after all, and many fast-food and fast-casual chains will be offering deals to mark the occasion. McDonald\u2019s
\n MCD,
\n -2.29%<\/bg-quote>
\n is even selling double cheeseburgers for a mere 50 cents.<\/p>\n

But what about the day after? Be prepared to pay \u2014 and then some.<\/p>\n

\n

In recent years, costs at these limited-service restaurants have climbed steadily. In August, menu prices were up 6.7% over the previous year, according to data supplied by the National Restaurant Association, a trade-industry group. That eclipses the overall rate of inflation, which was up 3.7%.<\/p>\n

When it comes to burgers, the hit can be even greater. These days, it\u2019s not unusual to find fast-casual chains, which tend to be pricier than their fast-food brethren, charging well more than $10 for some of their specialty burgers. One telling example: If you order a Shack Stack burger at the popular Shake Shack
\n SHAK,
\n +0.02%<\/bg-quote>
\n chain, you\u2019ll pay $12.55 on average, according to PriceListo, a company that tracks menu prices.<\/p>\n

And what about the McDonald\u2019s Big Mac, that most famous of fast-food burgers? It cost just 45 cents when it was introduced in 1967. Today, it runs $6.30 on average, according to PriceListo. That\u2019s a hike that tracks well beyond normal inflation over the 56-year period.<\/p>\n

Even compared to just a few years ago, the Big Mac has gone way up. In 2019, the iconic burger cost only $5.03, says PriceListo. \u00a0<\/p>\n

Consumers have expressed growing frustration with such restaurant increases. TikTokers are having a field day discussing the subject. Whole Reddit threads are devoted to the matter as well.<\/p>\n

As one Reddit commentator put it: \u201cI mean there seems to me like there\u2019s almost no difference now between fast-food restaurants and regular non-fancy restaurants.\u201d<\/p>\n

There are some obvious factors behind these price increases. Inflation certainly plays a primary role \u2014 and it\u2019s hit the restaurant sector, which operates on thin margins in the best of times, especially hard.<\/p>\n

Keep in mind the 3.7% overall rate of inflation covers a range of goods and services and is focused on consumer pricing. The restaurant industry has struggled with a different kind of inflation, as in climbing wholesale food costs, which are ultimately passed along \u2014 at least in part \u2014 to the consumer.<\/p>\n

In 2022, those costs were up 14.7%, according to the National Restaurant Association, which bases its figures on government data. \u201cThat\u2019s the highest increase since 1974,\u201d said Hudson Riehle, the association\u2019s senior vice president of research.<\/p>\n

That\u2019s hardly the only factor, however. Increased labor costs are part of the picture as well \u2014 the National Restaurant Association says those were up about 9% in 2022.<\/p>\n

But when it comes to the burgers that Americans love to consume, there\u2019s a specific pricing pressure that results in diners paying more. It all has to do with an ongoing cattle shortage \u2014 blame the pandemic and what The Wall Street Journal described as \u201cyears of persistent drought conditions.\u201d<\/p>\n

The laws of supply and demand dictate that when there\u2019s less beef to go around, it will prompt a price increase. For some restaurants, that means emphasizing non-beef options. But many fast-food chains live and die by the burger, so there\u2019s no choice but to raise prices for those Big Macs and the like.<\/p>\n

The bottom line, said Steve Zagor, a veteran hospitality consultant who also teaches at Columbia University, is that you can\u2019t really blame the restaurants.<\/p>\n

\u201cThey\u2019re not using this as an opportunity to gouge their client but to manage their business successfully,\u201d he said.<\/p>\n

McDonald\u2019s said it\u2019s still trying to strike the right balance of value and affordability with its customers. The company told MarketWatch that pricing is at the discretion of franchisees and may vary by location.<\/p>\n

Other chains that MarketWatch reached out to for this story didn\u2019t respond for comment.<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

The question remains whether the soaring cost for burgers will result in diners skipping those fast-food burgers, if not avoiding dining out altogether.<\/p>\n

So far, that doesn\u2019t seem to be the case \u2014 at least for industry leader McDonald\u2019s. In its most recent earnings report, the company beat analyst forecasts and said its global same-store sales rose by 11.7%.<\/p>\n

Nevertheless, McDonald\u2019s CEO Chris Kempczinski pointed to some concerns in an interview with CNBC earlier this year. He noted \u201csome pressure on margins in the short term.\u201d And he said customers may be adding fewer menu items to their orders \u2013 say, having the burger but skipping the fries.<\/p>\n

For in the end, the burger is still the all-American essential. Or so says Bret Thorn, senior food and beverage editor at Nation\u2019s Restaurant News, the industry trade publication. He notes that diners at high-end steakhouses seemingly have no problem paying $80 for a nice cut of beef these days. And the same likely goes for those beef burgers at fast-food and fast-casual chains \u2014 even as prices continue to rise.<\/p>\n

\u201cAmericans have loved beef and they continue to love beef,\u201d Thorn said.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re a burger eater, you\u2019ll have plenty of reason to celebrate on Sept. 18. It\u2019s National Cheeseburger Day, after all, and many fast-food and fast-casual chains will be offering deals to mark the occasion. McDonald\u2019s MCD, -2.29% is even selling double cheeseburgers for a mere 50 cents. But what about the day after? Be […]<\/p>\n","protected":false},"author":1,"featured_media":61809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-61808","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nThere are deals aplenty on National Cheeseburger Day, but are you ready to pay $10 for a burger otherwise? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"If you\u2019re a burger eater, you\u2019ll have plenty of reason to celebrate on Sept. 18. 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