A recent study by American Express has discovered that wealthy American consumers spent 24 percent more on fast food in the second quarter, compared with the same quarter last year.
American Express defines those ultra-affluent consumers as those who charge $7,000 or more a month on their credit cards, and meet certain income criteria.
As discussed in the Wall Street Journal, wealthy consumers also ordered more from Domino's Pizza, a trend the credit card company claims is from the development of new pizza recipes.
From the Wall Street Journal:
"We're seeing a bifurcated behavior pattern, with a lot of affluent consumers still trying to be frugal where they can by spending at quick-service restaurants and discount retailers, but we're also seeing a return to higher-end spending on air travel and luxury items," said Ed Jay, senior vice president of American Express Business Insights, which studied spending patterns among its cardholders....
Fast-food restaurants have fared better than mid-price and fine-dining establishments during the recession, but times are still tough for most chains. Visits to fast-food chains fell 2% during the year ended July 31, according to market-research firm NPD Group Inc., compared with drops of 3% for mid-price restaurants and 8% for fine restaurants.
