Fast food has become a luxury in California, a franchisee says [Business Insider]
McDonald's Corporation (MCD)
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Source: Business Insider
Restaurants in California are raising their prices again to offset the state's $20 fast-food worker wage. A California franchisee has warned that some of his customers think fast food is becoming a "luxury" as restaurants increase prices to cover the state's new $20 minimum wage for fast-food workers Brian Hom, who owns two branches of smoothie and Acai bowl chain Vitality Bowls in San Jose, told Business Insider that the price hikes could be scaring off diners. "I've had some customers say: 'the cost of going out is so high now, I'm looking to buy my own ingredients and make my own food at home because going out to a fast food has become a luxury' versus 'hey, I want to go get something to eat now,'" Hom said. "They have to think twice: 'Am I going to be able to afford it or not?'" he continued. The new wage in California comes amid rising prices of fast food across the US more generally . A combination of wage and food inflation pushed prices up during the pandemic, and s
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MCD
Earnings
- 2/5/24 - Beat
MCD
Sec Filings
- 4/29/24 - Form PX14A6G
- 4/23/24 - Form 144
- 4/23/24 - Form 4
- MCD's page on the SEC website