How Traffic Changed At California Restaurants After The Minimum Wage Increase [Yahoo! Finance]
McDonald's Corporation (MCD)
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Source: Yahoo! Finance
Some, at least, have heard their pleas. Last September, California governor Gavin Newsom signed a law to increase the state-wide fast food minimum wage from $15.50 to $20 an hour. The law officially went into effect on April 1, 2024. While it certainly marked a major win for the roughly 500,000 fast food workers in the state, the establishments themselves now seem to be taking a hit when it comes to customer traffic. According to a new report from Placer.ai , quick-service restaurants in California have seen a sharp decline in traffic since the introduction of the wage increase, with McDonald's traffic down by 2.48%, Burger King by 3.86%, and In-N-Out by 2.59%. Meanwhile, year-over-year visit trends in the state have been underperforming when compared to national averages since April. Earlier in 2024, however, before the new law went into effect, fast food consumer traffic in the state was trending slightly ahead of the national average. Indeed, the distinct flip in trending data is
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MCD
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- 4/30/24 - Miss
MCD
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