Due to the rising prices of food, customers are increasingly complaining online that fast food is becoming more expensive, especially causing low-income consumers to dine out less frequently. This trend has led to many fast-food chains introducing value meal deals. McDonald’s introduced a $5 value meal in late June.
The $5 value meal has been incredibly popular, attracting crowds of people and prompting McDonald’s outlets in the United States to continue this promotional activity. A memo seen by Reuters revealed that McDonald’s will extend the $5 value meal promotion at most of its U.S. stores through August, with around 93% of stores previously voting in favor of the plan.
Starting on June 25th, McDonald’s began offering a four-week meal deal. The $5 value meal includes a choice of either a Double Cheeseburger or McChicken, 4-piece Chicken McNuggets, small fries, and a small soft drink.
The memo indicated that some McDonald’s stores voted to extend the promotion to August, while others have not voted yet, suggesting that the promotion period may vary by region.
The memo stated that the $5 meal deal has helped McDonald’s stores recover foot traffic, even prompting some customers to purchase full-priced items, further boosting sales. Previously, as fast food prices rose, budget-conscious consumers cut back on dining out. McDonald’s financial report in April showed that first-quarter profits fell short of expectations, with consumers from all income groups seeking value deals.
McDonald’s will release its financial report on July 29th, with the company mentioning in the memo that they are considering “further extending” the availability of the $5 meal deal beyond August. Bloomberg first reported the news of McDonald’s extending the $5 meal deal on Monday, July 22nd.
Recently, value meals, promotions, and free gifts have become the signature offerings of many fast-food and casual dining chains, aiming to attract customers. Burger King introduced the $5 “Choose What You Crave Meal” last month, while Wendy’s announced a $3 breakfast deal in May. Taco Bell, Jack in the Box, and other brands have been emphasizing their promotions in the past few months.
Even KFC has rolled out value meals starting at $4.99, and even the coffee chain Starbucks introduced its own value menu in June, known as the “Pairings Menu,” offering customers various bundled meal options. The new Starbucks Pairings Menu provides customers with meal options ranging from $5 to $7, depending on their choice of coffee pairing.