Summary
Earnings season for major food and beverage companies began just this week. The upshot: Americans are still happy to spend, after all. It’s not as if Americans have suddenly given up fast food or joined a cult of teetotalers. But after several years of rising prices, we’re seeking out deals where we can find them.
The once reliably cheap McDonald’s pushed its prices up, while sit-down restaurants leaned into value and convenience. This isn’t entirely new, the pricing gap between restaurant chains has been narrowing. “People are essentially saying “look, if I’m already going to be overpaying for food, I may as well sit down and get some service out of it”
The U.S. economy clocked a stronger than expected 2.8% annual growth rate in the second quarter. The US is the world’s largest economy, with more than 1.2 billion people. The U.K. is the largest economy in the world.
