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Pizza Hut, Starbucks, other food chains report dip in sales so far in 2024

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Chloe Nordquist is a national journalist for the E.W. Scripps Company. She has a passion for telling community stories and giving a voice to the voiceless. Chloe has had the opportunity to report across the world, as far as Milan and Berlin. Previously she worked at news stations in California’s Central Valley and Southwest Florida.

Chains like KFC, Pizza Hut, and Starbucks have all reported stores with declining sales in 2024.

Pizza Hut and KFC both saw declining same-store sales — down 7% and 2% percent, respectively — in the first quarter of 2024.The reason? Economists say people are spending less money because of higher prices and higher interest rates. Inflation has grown over the past few years and it’s impacting consumers. Consumer price inflation went up 19.6% from January 2020 to January 2024.

A report from Bankrate found 55% to 63% of Americans are living paycheck to paycheck as of September 2023.For years, fast food has been outpacing inflation, according to an analysis by FinanceBuzz. From 2014 to 2024, leading fast food chains increased prices by about 60%, while inflation increased at about 31%.McDonald's has doubled its prices since 2014, data shows Justin Boggs 10:48 AM, Apr 02, 2024

 

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