80% of Americans say fast food is now a luxury because it’s become so expensive

A recent nonprobability survey conducted by LendingTree revealed that 78% of consumers now regard fast food as a "luxury" purchase due to the high cost of meals.

Half of the respondents said they consider fast food a luxury because they are facing financial struggles. This sentiment is particularly strong among Americans earning less than $30,000 a year (71%), parents with young children (58%), and Gen Zers (58%).

While Americans love their fast food, a majority report cutting back on consumption because of the high prices. The survey found that 3 out of 4 Americans typically eat fast food once a week, but 62% said they are eating it less frequently due to the cost.

Sixty-three percent of respondents agreed that fast food should be cheaper than eating at home, but 75% believe that is not the case. Nearly half of Americans (46%) say a meal at a fast-food restaurant costs about the same as one at their local sit-down restaurants, and 22% said fast food is actually more expensive.

Price hikes in fast food have outpaced inflation in recent years. Data from the Federal Reserve Bank of St. Louis shows that the cost of fast-food meals has increased by 41% since 2017, while the consumer price index has risen by 35.9%.