Fast‐Food

Abstract

Abstract One of the most visible aspects of globalization is the global brand, and there are few better examples than the fast‐food brands that seem to reach into every corner of the planet. However, defining fast‐food is not as straightforward as one might assume, not only because of the multitude of “quick” food offerings that are now available (from burgers, chicken, sandwiches, to juices, fish, soups, sandwiches, hot dogs, pizzas along with many ethnic variations such as Latin American and Asian), but also because “quick” food is now available from an increasing number of competitor formats: café bars; street stalls; home delivery; self‐service catering; convenience stores; retail stores; and those catering for the recent trend in “fast casual dining.” Nevertheless, fast‐food is usually distinguished from these other formats by its standardized and restricted menu, food which is available for immediate consumption, usually sold at a counter, with tight individual portion and ingredient control and tight control over the finished product. The increasing competition in the industry is largely driven by the potential for high profit margins and the continuing demand for the fast‐food product; it seems that global consumers continue to find the standardized fast‐food offer attractive. In 2010 the global fast‐food industry is estimated to have made sales of US$500 billion; it is also one of the few industries that have continued to increase their sales during the economic recession, with global sales rising from US$481 billion in 2008 to US$496 billion in 2010, arguably benefitting from consumers “trading down” their eating habits ( www.euromonitor.com ).