There’s a universally accepted fact in takeout society: the sole thing greater than enjoying a scrumptious, perfectly sized meal is scoring it at a bargain. It’s a game of balance we all play pursuing quality without mucking up our budgets. Some days it’s having to give up the gourmet factor to get it cheaper, and sometimes it’s spending more for that bite that’s etched in memory.
But a compelling study by wealth-management and investment-banking company Stifel sheds fresh perspective on this conundrum. Their findings indicate that clients at certain restaurant chains increasingly feel robbed not merely due to excessive prices, but due to an escalating disconnect between what individuals pay and what they feel they receive in return. It all boils down to the slippery notion of “meal value.”
Stifel didn’t merely speculate. The research examined 13 big fast-food and fast-casual chains ranging from burger staples McDonald’s and Wendy’s to Mexican-style chains Taco Bell and Chipotle. Researchers determined the average cost of a signature meal at each chain in 20 U.S. cities, then posed an incisive question to customers: “Which restaurant(s) do you think have gotten too pricey for what you receive?
Their responses showed where frustration is highest, in effect measuring customer discontent with value.
Value testing by data identifies casual complaints and proves real and pervasive perceptions. It indicates precisely where value trust is broken and provides consumers with a roadmap to making wiser decisions ensuring each dollar spent brings real satisfaction instead of remorse.
The 5 Chains Customers Perceived Provided the Worst Value
1. Shake Shack
Shake Shack was at the top of the “worst bang for your buck” ranking, which may come as a surprise to some. With the average meal cost at $13.50, it’s actually less expensive than Panera Bread, Chipotle, and Blaze Pizza. But overwhelmingly, customers believed Shake Shack’s portion size and quality of food wasn’t worth the cost.
A company spokesperson cited its emphasis on “menu innovation” and “premium ingredients” as justification for its meals being competitively priced. Nevertheless, consumers aren’t buying it. The disconnect between Shake Shack’s premium strategy and consumer expectations is what makes so many consumers feel overcharged.
2. Blaze Pizza
Blaze Pizza, with its build-your-own pizzas, received the second-largest dissatisfaction rating. At $13.72 a meal, it’s one of the more expensive ones. More is expected when prices rise that high, and when those expectations are not fulfilled whether in size of portions, flavor, or experience overall disappointment is quick to follow.
3. MOD Pizza
Similar to Blaze, MOD Pizza features build-your-own pies and lightning-fast preparation times. However, even though its price tag is a tad lower at $12.68, it came in at number three on the dissatisfaction list. What was the problem? Customers did not feel the quality or amount equaled the price, demonstrating that even mediocre prices can cause discontent when the perceived value is lacking.
4. Panera Bread
Panera Bread, well known for its soups, salads, and sandwiches, ranks just below the pinnacle of the price scale with meals averaging $14.76 the second highest of all chains examined. Although the consumer would expect Panera to be expensive, many would still find that the value is not there. The “clean food” image of the brand softens some of the impact, but almost $15 for a meal still tests the bounds of perceived value.
5. Chick-fil-A
The most unexpected to top the list, Chick-fil-A was very high on dissatisfaction with an average meal cost of only $8.74. People felt like they didn’t get their money’s worth, particularly with a chain that has such a loyal base. This indicates that perceived value isn’t necessarily an absolute price, but also to what extent the price matches up with deep-seated customer expectations.
The Most Expensive Fast-Food Chains by Average Meal Price
Outside of perception, Stifel also estimated raw meal prices. Here’s how the leading chains compare:
1. Five Guys – $16.33 (highest, but not surveyed for dissatisfaction)
2. Panera Bread – $14.76
3. Chipotle – $14.34
4. Blaze Pizza – $13.72
5. Shake Shack – $13.50
6. Jersey Mike’s – $13.23
7. MOD Pizza – $12.68
8. Jimmy John’s – $11.06
9. Panda Express – $10.32
10. Wendy’s – $9.89
11. Taco Bell – $9.69
Evidently, certain brands justify premium pricing through quality and portion size, and others infuriate through not providing sufficient value.
Where Customers Felt They Got the Best Value
It wasn’t all doom and gloom for the study. There were chains that emerged as value champions.
• McDonald’s and Taco Bell received rave reviews, scoring highest in customer satisfaction. Their value pricing and consistent quality showed that cheap meals don’t need to come at the expense of value.
•Chipotle and Jersey Mike’s performed well too, getting lower-than-hoped-for dissatisfaction scores considering their increased prices. Consumers thought that fresh, customisable ingredients (Chipotle) and high-quality sliced meats (Jersey Mike’s) were worth the price tag.
Such brands demonstrate that premium pricing is okay when consumers actually feel they’re paying for what they get.
Ranking the 17 Best Value Menus
Stifel’s research also shed light on another aspect: the value menu. Value menus are a staple of fast-food mealtime, with the promise of cheap offerings that don’t cut corners. Some shine with excellence, while others disappoint.
This is how the chains compared, worst to best:
17. Subway – Little in the way of savings, little flexibility, too many deals hidden behind membership.
18. Dunkin’ – A $6 meal deal provides decent savings, but choice is limited.
19. Burger King – Exclusively digital, sporadic and promotion-based.
20. Popeyes – Offers frequently dependent on delivery or pickup limitations, reducing accessibility.
21. Domino’s – Coupon-reliant instead of a genuine value menu, decent savings but not very consistent.
22. Arby’s – A 23-product menu, but the majority of them are beverages; actual value of a meal is in doubt.
23. KFC – Promotions are spread thin and difficult to locate, some being dependent on online orders or loyalty programs.
24. Culver’s – Value baskets offer minor savings, but not sufficient to make a difference.
25. Dairy Queen – Significant savings on limited fare meals, although options are too limited.
26. Papa John’s – Excellent deals but rotation diminishes their dependable nature as a regular value menu.
27. Sonic Drive-In – Plain $1.99 menu delivers affordability, but options are limited.
28. McDonald’s – Committed McValue menu and dominant packaged $5 meal values.
29. Pizza Hut – Deep discounts with variable deals, though selections change.
30. Taco Bell – Spacious “Cravings Menu” with numerous items at $3 or less, readily available.
31. Wendy’s – Solid Biggie Deals and Biggie Bags, with a large selection of cheap meal combinations.
32. Panera Bread – Surprisingly strong Value Duets at $6.99 and family meals.
33. Jack in the Box – A winner with both “under $4” menu items and value bundles, providing consistency and variety.
The Takeaway
The Stifel report highlights a valuable lesson: meal value is not simply about the price on the ticket. It’s about how satisfied the customers feel after consuming their meal. Some chains, such as Shake Shack or Chick-fil-A, have customers wondering if they got their money’s worth. Others, such as Taco Bell and McDonald’s, still offer affordable, satisfying meals that inspire loyalty.
Having a sense of which chains honor your wallet and which may disappoint you allows you to make wiser decisions. Whether that means treating yourself to an affordable burger or springing for something more high-end, the trick is matching price with real satisfaction.
With this in mind, you’re in a better position to navigate the world of fast food, making your next craving well worth the money.
