Scott Galloway

People are downscaling.

Historically speaking, fast food is recession proof.

Hmm.

I mean, you look at most major recessions, you look at 2008, fast food traffic was stable because it is one of the cheapest options.

I mean, that's kind of what you do.

You go get a really cheap option over at McDonald's if you're struggling economically.

But so I don't see that as a very viable argument, but it is true.

Foot traffic to fast food restaurants is going down.

Last quarter, it fell more than 1%.

The quarter before that, it fell around 2%.

And you have to think that crucial statistic there that I'm sure a lot of these franchisees aren't really thinking about because it probably seems too out there, which is, as you said, one in eight U.S.

adults are now using GLP-1 drugs.

That is 30 million people, and that number is only going up over time.

And so if you look at the, I mean, that's the GLP-1 penetration.

Let's look at the fast food penetration.

Four in five Americans are eating fast food at least once a month, and around two in five Americans are eating it weekly or more.

So if you just count that up among the adult population, that's around 110 million people, 110 million adults who are eating fast food weekly.

If you got 30 million on GLP-1s, you could just do the napkin math.

You're essentially reducing the total addressable market by about 27 to 30%.

And that's assuming that the people who are taking GLP-1 drugs aren't going to McDonald's, they aren't going to Wendy's, they're not going to Popeye's, Burger King, Carl's Jr., you name it.