McDonald’s (MCD) recently introduced a $5 meal in an initial four-week window. The new deal has proven successful, and its restaurant footfalls have increased. So, the fast food giant has decided to continue with the $5 value meal. Web fans are delighted with the offer, and so is McDonald’s, as its restaurant traffic is up.
Bloomberg was the first to report that McDonald’s plans to extend its $5 meal deal. The company said the reason for the extension was increased customer traffic.
CNBC obtained a memo from McDonald’s U.S. system. Executives wrote that many business units had voted for an extension of the $5 deal that was expected to expire by the end of July. About 93 percent of the food giant’s restaurants favored an extension.
The memo noted that most of McDonald’s locations are planning to extend the deal through August or are planning a vote to decide whether or not to extend the agreement.
McDonald’s rolled out its $5 value meal in the US on June 25. The initial trial period was four weeks. The deal consists of a McChicken or McDouble, four pieces of chicken nuggets, fries, and a drink. The combo cost is less than the cost of each item if purchased individually.
As reported by CWEB earlier, fast-food restaurants saw a decline in traffic as they hiked prices, citing inflation. The rise in food prices also led to a cutback in customer spending. Web fans spent most of their dollars on groceries and everyday essentials.
Many web fans cut down on retail spending and dining out, leading to value deals from several food and beverage giants, such as McDonald’s, Burger King, Wendy’s, Taco Bell, and Starbucks. These giants offer deals from $3 to $5. This has resulted in higher traffic as web fans finally feel value in these deals and remain cautious and conscious of their spending on nonessentials.
McDonald’s will report earnings on July 29.
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