WHAT THE DATA SAY: 81% say fast-food prices are higher; 41% say ‘much higher’

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking:

YOUNG PEOPLE ASK, ‘CAN YOU HEAR ME NOW?’

Young Americans are feeling left out of this year’s U.S. presidential election, based on our Harris Poll survey with UNICEF.

• 53% of those ages 14 to 22 feel excluded from the U.S. political process.
• 73% say their opinions do not matter to elected officials.
• 81% feel people in positions of power do not care about what young people have to say.
• Young people believe cost of living/housing affordability (60%), immigration (39%) and global conflict (35%) are the most important issues facing the country.
• 80% think people their age can make a difference, and 64% are engaging politically in some way.

AMERICANS EATING OUT LESS AS PRICES RISE

Fast food has long been an affordable meal option for busy families. Yet 8 in 10 Americans today are noticing steep price hikes, based on our latest Harris Poll “QSR & Fast Casual Industry Snapshot.”

• 32% of U.S. adults agree that quick service restaurants (QSRs) offer affordable meal options.
• 36% say price is the most important factor when eating out.
• 81% who have ordered from QSRs at least once in the last year say prices are higher – and 41% describe prices as “much higher.”
• 35% also have noticed “shrinkflation” – reducing the quantity or size of an item without reducing the price.
• What do most consumers consider to be a fair fast-food meal price? 47% say $5-$9.99.
• Men are willing to pay more: 38% of men say that $10-$14.99 is a fair price for a full meal (compared with 29% of women).
• Price hikes are taking a toll: 45% are eating out less now than they did a year ago.
• See also: Consumers want to pay $1 for a chocolate bar, $2 for a bag of chips and $3 for a gallon of gas

1 IN 3 STALLING ON STUDENT DEBT PAYMENTS

Nearly 43 million Americans have student loan debt, and 1 in 3 are foregoing repayments in hopes of government-funded forgiveness, according to our Harris Poll survey with NerdWallet.

• 31% of student loan borrowers say they have slowed repayment of their loan, hoping the federal government will reduce or forgive the loans.
• 23% have stopped their student loan payments completely for the same reason.
• 25% say they are concerned the courts will reverse recent student loan forgiveness efforts.
• 22% say student loan forgiveness is one of the most important issues when choosing a presidential candidate.

ICYMI

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• ARound, Minnesota United FC and Target Unveil First-Ever In-Stadium AR Experience in Major League Soccer
• Stagwell’s Mark Penn on polling, politics and media
• Why a Global Mindset Is Indispensable in Today’s Interconnected Reality