McDonald’s will be extending its fan-favorite $5 Meal Deal through August at most locations. Bloomberg reports.
The fast food giant’s limited-time offer, which includes a McDouble or McChicken, four-piece nuggets, small fries and a small drink for just $5, was first introduced in June.
The great value set menu was to be sold in restaurants for four weeks in an effort to lure back cash-strapped customers who have cut back on food spending due to persistent inflation.
Reportedly, about 93% of McDonald’s restaurants in the U.S. voted in favor of extending the promotion through August.
The duration of the Value Set offer may vary by restaurant location as not all McDonald’s restaurants have yet completed voting.
“Our message is resonating with millions of customers,” said Myra Doria, U.S. field president, and Tariq Hassan, U.S. chief marketing and customer experience officer. McDonald’s memo obtained by CNBC.
“When our customers order the $5 Meal Deal, they won’t go to our competitors, and early performance shows that the deal is achieving its objective of bringing customers back to our restaurants.”
The meal was launched on Tuesday, June 25, which was McDonald’s’ busiest Tuesday of the year, with 8% more customer traffic than the average Tuesday so far this year, according to analytics firm Placer.ai.
Throughout the remainder of launch week, visitor numbers were up at least 5% from the year-to-date daily average, according to the data.
The world’s largest fast-food chain also launched “Free Fries Fridays” for app users, offering a free medium serving of fries with any purchase of $1 or more, a promotion that will run through the end of the year.
Casual dining chains like Starbucks and Chili’s have also increased site traffic and sales by introducing great deals and discounts.
McDonald’s value meal plans are competing head-on with those from rivals Wendy’s and Burger King as the restaurant industry struggles to recover from inflationary food prices that have alienated customers.
The golden arches Rare quarterly profit miss Sales growth in April fell for the fourth straight quarter to 1.90%, while analysts had expected growth of 2.35%.
“Consumers are certainly becoming more careful about how they spend their money, and I think it’s important to recognize that people of all income levels are looking for value,” Chief Executive Officer Chris Kempczinski said on a conference call after the company’s April earnings release.
McDonald’s is scheduled to report its second-quarter results at the end of July.
