The long-predicted consumer pull back is finally here with many brands reporting a decrease in same store sales. McDonald’s said it has adopted a “street-fighting mentality” to compete for value-minded diners. Starbucks announced a surprise drop in same-store sales, while Pizza Hut and KFC also reported shrinking same-store sales. For months, economists have been predicting that consumers would cut back on their spending in response to higher prices and interest rates, but it’s taken a while to see sales actually shrink. Prices to eat out are up five-percent in March compared to a year-ago, while prices for groceries have increased more slowly, according to the Bureau of Labor Statistics.
***Courtesy of Total Traffic News***
