Posted November 14, 2018 07:50:24 A $300 burger is on everyone’s menu at some fast food restaurants in the U.S. and Canada, and it is one of the most popular menu items in the world.
And that’s exactly what the U, Canadian, and German food giants are trying to make up for by raising the price of the popular item to $300 a piece, according to a new report from Axios.
The price hike is expected to be a big hit on McDonald’s (MCD) and Burger King (BKW) brands, and the company is taking a long-term approach to its burger business to avoid cannibalization, the report said.
The news comes after Burger King reported a profit in 2019 that was almost double what it earned in 2016.
The burger is also getting a lot of attention due to the popularity of fast food, and its price tag.
It’s often considered one of those items that “gets overlooked because it’s not that expensive,” said David C. Creswell, senior vice president at global research firm Retail Insights.
“It’s a lot cheaper than it should be.”
While the hamburger is popular with consumers, it’s a rare product that’s not being sold for a long time.
The average lifespan of a hamburger can vary from just a few weeks to years, and McDonald’s said its current stock price has not gone down since it was introduced in 1956.
Its price has also been on the rise for decades, and while it may be the only burger to make the jump from $25 to $100, it has been growing in popularity.
McDonald’s announced that it had more than 4 million restaurants worldwide in 2020.
According to the report, McDonald’s also expects its annual sales in 2021 to hit $3.7 billion, more than double its 2018 figure.
Burger King plans to increase its burger sales to $10 billion in 2021, which would make it the second-largest burger seller in the United States.
The report said McDonald’s has been spending a lot on marketing its new menu items, and a recent deal with Taco Bell (TMUS) is just one example.
McDonalds also recently launched a new line of KFC (KFC), and Taco Bell has been investing in other brands as well, such as Taco Bell’s Taco Mac and Taco Pay.