Hard-pressed consumers find comfort in bacon burgers, cheap beer and bus travel

It is a sign of the recessionary times. McDonald's, the world's largest restaurant chain, reported sales up 8.5 per cent in Aug-ust, with revenues at their established European franchises up 11 per cent. Burgers with bacon, in particular, are enjoying a renewed bout of popularity in Britain and France.

John Kornitzer, a fund manager investing in McDonald's, said yesterday that "McDonald's does well in bad economies because people trade down. They know how to roll out new products".

It is not difficult to imagine hard-pressed families deserting the piazza chains and expensive sandwich bars for the economical comforts of the golden arches. Like the traditional British dish of fish and chips, itself an invention of the 1930s when it represented a cheap and nutritious meal in tough times, a burger is a symbol of economic slowdown.

Evidence that consumers are trading down in the current climate is building. Over the summer, the discount stores Aldi and Lidl reported sharply higher sales. Pricey organic food is languishing on the shelves, while Sainsbury's tells us that their customers are increasingly warming to own-brand lines. And when Asda sells lager for about 25p a pint, no wonder the pubs are closing.

See also the soaring profits of bus and train operators such as Go-Ahead, National Express and Arriva. The reason? At last the cost of fuel and taxation on motoring is making us get out of cars and on to public transport. Even for those drivers determined to stay on their own four wheels, cheaper options are presenting themselves: sales of Porsches are down 26 per cent in the year to date; the tiny Smart car is up by 104 per cent.

Even the usually resilient fashion market is being affected. H&M is the latest beneficiary of our trend to trading down. "Our strategy is based on the concept of fashion and quality at the best price," said chief executive Rolf Eriksen. "It helps us stay balanced even during economic downturns."