Really? Fast food isn't big enough? There's still more room to grow? Apparently there is. RNCOS, a leader in market research and information analysis, says the fast food industry could grow by 5% over the next few years.
RNCOS found that the fast food industry is still thriving despite the massive economic downturn in the United States. More people are spending their disposable income at fast food restaurants, so RNCOS expects the fast food market's CAGR will increase 5% between 2009 and 2011. Does that mean our rear ends will expand by 5% over that two year period too?
CAGR is short for Compound Annual Growth Rate, and refers to “year-over-year” growth rate of an investment over a specified period of time.
The main driver behind the up-tick in market growth is the rising youth population. Young people love fast food. See for yourself, in New York City lots of teenagers - especially “urban” youth - pack McDonald's and Burger King everyday.
RNCOS says burgers dominate the fast food market. So what's more important in a tough economy, Big Macs over dentist appointments? Sheesh!
In related fast food news, McDonald's recently voted no on cage-free eggs for their restaurants. And in 2007, a study found kids were exposed to fewer television commercials for sweets and soda, but more fast food ads.
Image credit: Mouldfish