Posted 2/13/2024, 3:11:38 PM
Rising Dining Costs Put Squeeze on Low-Income Consumers as Restaurants Face Pressure from Wage Hikes
- Cost of dining out rose 5.1% in January year-over-year, squeezing low-income consumers
- Grocery prices rising more moderately at 1.2% year-over-year in January
- Minimum wage hikes in 22 states this year putting pressure on restaurant chains
- Brands like McDonald's seeing some customers trade down or reduce order sizes
- Consumer staples companies well-positioned to supply higher grocery and restaurant demand