Latest news with #BigMacIndex
IOL News
21 hours ago
- Sport
- IOL News
Rian Oberholzer defends Springbok ticket prices amid public criticism
SA Rugby chief executive Rian Oberholzer has defended the current ticket prices for Springbok matches following recent criticism from the public. Image: Supplied SA Rugby chief executive Rian Oberholzer has defended the current ticket prices for Springbok matches following recent criticism from the public. South Africans have turned to social media in recent months to vent their frustrations, with many hesitant to spend their hard-earned money to watch the double world champion Springboks. The 2025 Test schedule is less glamorous than that of 2024, when Ireland visited for two high-profile Tests. This year, the Springboks hosted the Barbarians in Cape Town last Saturday, and will face Italy in Pretoria and Gqeberha, followed by Georgia in Mbombela in the coming weeks. There were many empty seats, especially behind the poles, during the Barbarians match on a bitterly cold and wet day in Cape Town. Thousands of unsold tickets also remain for tomorrow's fixture against Italy at Loftus Versfeld. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Normally, Springbok Test tickets sell out quickly, but it appears the combination of opposition and pricing is making supporters think twice about attending. During a recent investigation, Independent Media compared ticket prices for some of the Springboks' away matches this year — including the much-anticipated Rugby Championship clash against the All Blacks at Auckland's Eden Park — using the 'Big Mac Index'. According to the data, the most expensive ticket for the Boks vs All Blacks match is, after conversion, around R968 — significantly lower than the top-end R3 000 tickets for Springbok home fixtures. Similarly, the most expensive tickets for the Springboks' Tests against Argentina in London and Wales in Cardiff are also cheaper, calculated at R1 469 and R1 017 respectively. However, Oberholzer maintains that domestic ticket pricing is fair and necessary to keep the sport afloat in South Africa. 'We feel that we are fairly priced,' he said during a media briefing, where Hyundai announced they had expanded their collaboration, which will now also include the Springboks and all other national teams, with SA Rugby. 'We have to look after the whole ecosystem of rugby in South Africa — from the Springboks right down to the youngsters starting out at the age of nine. 'We generate our own funding. We don't receive any funding from elsewhere. We rely on sponsorships and broadcast rights … and a new income stream we have tapped into is events — owning our own events — which benefits more than just the unions hosting the Test matches. There's now a bit more money to go around.' The ticketing model for Springbok matches has changed in recent years, with SA Rugby now managing the events directly, rather than selling them off to host unions. Previously, unions would pay SA Rugby a fixed fee and determine their own ticket prices, while also earning revenue from food and beverage sales at the venue. Now, SA Rugby runs the entire matchday operation and retains full control of the Springbok brand. '[It's about] controlling your own product,' Oberholzer explained. 'The Springbok is our biggest income generator. Test matches were previously our smallest income from that brand. 'If you compare it to England and Ireland, where nearly 50% of their income comes from Test matches, ours was around 20%. So, we had to adjust our models to fund our programmes — and more importantly, our unions. 'Previously, most unions received no income from Tests — only those hosting them. Our new model ensures that every union in South Africa benefits from Springbok matches played in the country.' Nevertheless, Oberholzer admitted that ticket pricing would be reviewed at the end of the year, particularly in relation to seats behind the poles, which were once the cheapest but are now almost as costly as prime seats along the touchline. 'We used, as a base, last year's pricing,' he said. 'We looked at the ticketing system used in Cape Town for the All Blacks Test and at other unions, where we felt prices had been set too low. 'There are now four ticket categories. We have a top category and a fourth category, which are our cheaper tickets, to make matches accessible to people from across the board. 'We'll review the system. Perhaps we made a few mistakes in terms of where the ticket categories were placed. Maybe a category two ticket shouldn't be behind the goalposts. These are things we are actively working on.' He concluded: 'We do believe our pricing is fair. If you look specifically at category one tickets, they're the first to sell out. But we're learning from this year, and hopefully by next season, we'll have the pricing structure exactly right.'
Economist
08-05-2025
- Business
- Economist
Trump is a threat to Asia's giant insurers
Some countries are rich. Others are cheap. And then there is Taiwan. The miracle economy, home to the world's most advanced chipmaker, has a respectable GDP per person of over $33,000. Yet the prices of its goods and services are only 42% of America's, when converted into dollars. Its McDonald's burgers, to take one example, are the cheapest of all the countries tracked by our Big Mac Index.
Yahoo
21-03-2025
- Business
- Yahoo
McDonald's Big Mac: How Much Has the Price Changed Over 20 Years
Fast food used to be the cheap and quick go-to meal, but over the last few years, prices have been climbing, and in some, cases skyrocketing. Sixty-five percent of Americans are stunned by fast food bills, and consumers now believe grabbing fast-food is a luxury, according to a LendingTree survey. As inflated prices still soar, fast food prices have increased, including McDonald's, which was at the center of controversy for its shocking price hikes in 2023. A spokesperson for the chain told the New York Post that 'pricing is set by individual franchisees and varies by restaurant. Learn More: Read Next: 'This is not an accurate representation of historical or current pricing at McDonald's restaurants, and the 2024 average prices listed are significantly inflated.' While it's true prices vary depending on location and state, the cost of a Big Mac has evolved drastically over the years. Here's a look at how prices have changed from the 2000s to now. The Big Mac was introduced in 1967 and has become one of the chain's beloved menu items. In 2000, the Big Mac was $2.24, according to The Economist's Big Mac Index and consistently increased in price throughout the decade. In March 2002, it was $2.35. In May 2005 the price was $2.58 in May 2005, and $3.21 in May 2008, notably during the time of the Great Recession, which was caused by the burst in the housing market, per the Federal Reserve History. Trending Now: By 2010, the economy was starting to pick up again, and so did prices. In June 2013, a Big Mac averaged $4.18 and in July 2019, the price jumped to $4.71, according to the Big Mac Index. The reason for the increase in price can be attributed to several factors. In 2013, ABC News reported that talks of raising the minimum wage from $7.15 to $15 was a hot discussion, which affected fast food prices. In addition, there was a rise in beef prices during that year, per the Financial Times, which also contributed to the inflated cost. In 2019, McDonald's operational costs rose 40% over a five-year period, per the company's corporate page and prices were reflected in the menu prices. In December 2020, the world was in the midst of a global pandemic and prices increased as a result of a disruption in supply chains and reduced employee availability, Axios reported. The average price of a Big Mac during 2020 rose to $6.32 as a result, per the outlet. Today, the Big Mac is $5.99, according to the menu due to inflated prices per McDonald's corporate page. It's worth noting that many McDonald's restaurants are independent franchises, and the owners can price items at their discretion. In spite of the hefty price changes over the last 20 years, McDonald's remains the favorite must-have fast food chain and continues to remain popular among consumers, taking the top spot for the favorite chain in 2024, according to QSR's annual report. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance 3 Changes That Could Be Coming to Social Security Now That Congress Is Republican I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money This article originally appeared on McDonald's Big Mac: How Much Has the Price Changed Over 20 Years Sign in to access your portfolio
Bloomberg
20-03-2025
- Business
- Bloomberg
Swiss Franc, British Pound Dip on Rates, Opaque Outlook
Switzerland's franc dropped against the dollar after the Swiss National Bank cut interest rates. The widely anticipated move is intended to deter safe-haven investors from making goods even more expensive in relation to neighboring economies. Switzerland currently sits atop the Big Mac Index with locals paying the equivalent of $8.08 — the most for a burger worldwide and almost double what diners across the border in Austria or Germany pay for the same fare. Meanwhile in the UK, the pound also fell against the dollar after the Bank of England held rates steady, favoring a cautious approach amid a turbulent global backdrop. Sweden's Riksbank similarly held rates steady, sending krona lower versus the euro.
Yahoo
08-03-2025
- Business
- Yahoo
Can You Use the McDonald's ‘Big Mac Index' To Invest — and Should You?
The 'Big Mac Index' was created in the 1980s by economists looking to evaluate the relative levels of affordability among various countries and currencies. The idea was that McDonald's Big Mac was available in numerous countries around the world and stood as a good example of a relatively cheap meal. The theory behind the Big Mac Index is that the popular McDonald's sandwich should have the same approximate level of affordability on a local basis from country to country. In other words, if a Big Mac sandwich costs $5 in the United States, it should cost the same amount as $5 in the local currency of whatever country you choose. To calculate the Big Mac Index, you can take the price of a Big Mac in one country and divide it by the cost in another country. This ratio should be the same as the exchange rate between the two countries. If not, it means that one currency is undervalued relative to the other. Read Next: For You: While obviously a bit tongue-in-cheek in terms of its name and methodology, the Big Mac Index does have value in terms of evaluating the purchasing power of various countries. But is this something that relates to the average investor, and if so, how can you use it? Read on to learn more about this curious index. Also see five investing tips to combat a confusing economy. The idea behind the Big Mac Index is the law of one price. Theoretically, all other things being equal, the price of a Big Mac should be the same worldwide, after factoring in currency fluctuations, shipping and transport costs, labor, and so on. However, while the price of a Big Mac is fairly similar on an adjusted basis across all countries, there are variations that will always make it more expensive in some countries than others. For example, in 2024, Switzerland had the most expensive Big Mac in the world, at an equivalent of $8.07 in U.S. dollars, according to Statista. A Big Mac in the United States cost an average of $5.69. (These figures are after adjustments for currency fluctuations.) In January 2025, The Economist provided a more direct example, citing a price of 4.59 pounds for a Big Mac in Britain and $5.79 in the United States. This implied an exchange rate of 0.79, whereas the actual exchange rate between the USD and GBP was closer to 0.8. In this example, the price of the Big Mac was essentially where it 'should be' in each country, as the prices were comparable based on the exchange rate. Technically, however, the GBP was slightly undervalued. Be Aware: The Big Mac Index affects individual investors who buy or sell foreign currencies or foreign securities, like stocks or bonds. In these cases, investors can use the Big Mac Index to derive whether or not a foreign currency is overvalued or undervalued. When a foreign currency is undervalued, buying securities with U.S. dollars provides more of a value. The opposite is also true. Buying foreign stocks, bonds or currencies when the exchange rate is working against a U.S. investor, such as when the Big Mac Index says a currency is overvalued, can make investing more difficult and less profitable. For the average U.S. investor, the Big Mac Index is more of a curiosity than a real investment tool. In fact, it may have more value for an American looking to travel overseas, as it can suggest which countries have undervalued currencies relative to the U.S. dollar. But the Big Mac Index can be a data point if you intend to invest in foreign currencies, stocks or bonds. More From GOBankingRatesHow Paychecks Would Look in Each State If Trump Dropped Federal Income Tax10 Genius Things Warren Buffett Says To Do With Your Money This article originally appeared on Can You Use the McDonald's 'Big Mac Index' To Invest — and Should You?
