Fast food chains opening more stores as Aussies dish out $2000 a year
Australia is experiencing a fast food boom, with more than $30 billion a year being spent across the chain stores.
The average Australian family is spending $2000 a year on fast food, according to ANZ's Food, Beverage and Agribusiness Insights.
This spending saw fast food chains open up more locations across the country last year, with Guzman Y Gomez opening 27 new restaurants, KFC opening 23, and McDonald's opening 19.
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According to the insights, at least one in five Australian meals is now from fast food restaurants. Nine
"We're seeing growth across the board," ANZ's Food, Beverage and Agribusiness Insights Executive Director Michael Whitehead said.
The upwards trend means that the number of fast food restaurants in Australia is hitting new record highs each year.
According to the insights, at least one in five Australian meals is now from fast food restaurants.
"Forecasts are that by 2030, there could be more than 30,000 quick service restaurants and fast food outlets in Australia," Whitehead said.
Global brands are capitalising on the momentum in Australia.
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This spending saw fast food chains open up more locations across the country last year, with Guzman Y Gomez opening 27 new restaurants, KFC opening 23, and McDonald's opening 19. Nine
American fast food chain Wendy's has opened its first location at Surfers Paradise, with plans to win over some of the market share from McDonald's.
"We have a plan to build 200 restaurants across Australia, actually in the next 10 years," Wendy's Australia Chief Executive Officer Richard Wallis said.
Five Guys, Wingstop and Jollibee have begun to open up restaurants in Australia, and Popeyes has signalled its intent to expand.
And the multi-billion-dollar industry is expected to continue to grow.
"There's every likelihood that this will continue to grow if it stays at a point where Australians feel it is good for them, that suits their lifestyle, that can be treat occasionally," Whitehead said.
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