Customers of some fast food giants are cutting back because the price of dining out has increased nearly 4% over the past year. CBS News' Nancy Chen reports.

Fast food giants such as McDonald's and Wendy's have reported a slowdown in breakfast sales, with the decline most pronounced among low-income customers. Industry analysts attribute this trend to economic concerns and frustration over rising prices, which have led consumers to cut back on dining out, especially for breakfast.

The downturn is not limited to traditional fast food outlets, as fast-casual chains like Chipotle and Sweetgreen have also seen negative sales growth. In response, companies are introducing new promotions and menu items in an effort to win back customers, with a record number of limited-time offers being launched across the industry.

Why fast food customers are cutting back

Of all the times you've made it at home, has it ever tasted like our McMuffin? It turns out even McDonald's signature McMuffin isn't enough to draw customers in for the most important meal of the day. In earnings calls last week, the fast food giant and its rival Wendy's reported slow breakfast sales, especially among low income diners, who they say are their core customers. We're really talking about a fast food market. Generally speaking, that is basically what we're that is basically tanking right now. Jonathan Mays is editor in chief of Restaurant Business magazine. Why are customers shying away from fast food breakfast? Well, the low income consumer in particular are concerned about the state of the economy. They've been frustrated by prices, hurt by inflation, and breakfast is just an easy thing to cut out, but it expands beyond that. New Chipotle honey chicken fast casual restaurants like Chipotle and Sweetgreen also have a slow in the second quarter year over year. It's if you're seeing Chipotle and Sweetgreen reporting significantly negative same source sales that suggests to me that there are more consumers that are really sort of rethinking how often they're eating out at restaurants. Still, May says that sales slump could ultimately be a win for consumers. Now Wendy's has buck biscuits as chains are coming up with new promotions and menu items to lure more customers. They have been. Introducing a record number of limited time offers. So yeah, I mean they're really throwing pretty much everything at the wall to see what sticks.

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