Fast Food Restaurants May Disappear In New York State

Prices have increased over the last few years in a significant way, and consumers across the country have been affected. However, the prices have had a massive increase in states like New York.

Since January 2020, only two months before the infamous shut down, prices have increased 19.32% as of April 2024, according to Bankrate. At one point, eggs were about $5/dozen, remember?

The increase in prices have also affected products that we always thought would stay generally affordable and “cheap,” for lack of a better word. That includes items like coffee, road trips, concert tickets, and fast food restaurants.

In fact, with the way menu items have increased at fast food restaurants and many of them opting for an automated kiosk rather than a human cashier, many people are wondering if fast food restaurants are on their way out?

Think about it: malls used to be at an all-time peak in the ‘80s, with many people continuing to shop in malls and hang out there throughout the ‘90s and 2000s. After the recession in 2008, malls have seen a sharp decline, with a handful of malls closing entirely, according to Newsweek.

Now, it looks like fast food restaurants could see a similar effect.

A recent survey revealed that “78% of Americans now consider fast food a "luxury" purchase due to high prices,” according to LendingTree. Nearly half of people surveyed shared with researchers that fast food is nearly the same cost as a sit-down restaurant meal, if not more.

Families aren’t making as much, either. The average Millennial salary is $47,034, according to the U.S. Census Bureau. There were 58% of younger generation surveyors that agree fast food is more of a luxury purchase nowadays.

Will fast food restaurants go out of business entirely? Probably not just yet, but some locations at famous chain restaurants may close over the next few months. I mean, hasn’t it already started happening? *cough* Red Lobster….

Only time will tell what chain restaurant will be next….it just may be a fast food chain.