Some lower-income Americans are rejecting McDonald’s and opting to cook at home instead, the fast food chain’s chief financial officer said at an investor conference on Wednesday.
“It’s a challenging consumer environment,” said Ian Borden, McDonald’s CFO, noting that many consumers are trying to manage inflation, higher interest rates and dwindling savings. Inflation’s sting has pushed Americans to cut back on small luxuries. That includes their spending on food at restaurants such as McDonald’s, fast-food restaurants that historically prize value and affordability as core business values. Dining out has become more of a luxury.
McDonald’s has faced financial troubles internationally as well. For example, the fast-food chain has noted that turmoil in the Middle East has weighed on sales in the region. Sales in its licensed markets business, of which most of its Middle East locations are a part, grew just 0.7% in the last quarter, far worse than the more-than 4% growth in the United States and other international businesses.
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