(NewsNation) — McDonald’s is reportedly extending its $5 Meal Deal after the promotion successfully brought back budget-conscious diners who had become frustrated with rising menu prices.
The vast majority of McDonald’s locations, 93%, have committed to selling the bundle past the initial four-week window that started June 25, according to a memo seen by Bloomberg. Some restaurants will carry the deal through August, while others have yet to decide.
Since its launch last month, the limited-time value meal has helped drive guests back to restaurants, the company said in the memo. The $5 deal includes a McDouble or McChicken, a small order of fries, a four-piece order of chicken nuggets and a small drink.
Fast-food prices surged faster than inflation the past decade
The offer could be extended even longer as the burger giant looks to bolster its “affordability plans through the rest of the year,” Bloomberg reported.
In April, McDonald’s missed quarterly profit estimates for the first time in two years as inflation-fatigued consumers became more cautious with their restaurant spending.
Other fast-food chains noticed a similar belt-tightening and have responded by introducing meal deals of their own. Last month, Burger King launched its $5 Your Way Meal, and earlier this year, Taco Bell rolled out a new Cravings Value Menu with 10 items under $3.
McDonald’s reveals items in new $5 Meal Deal
Nearly 30% of fast food orders had a promotion attached to them in the first three months of the year, up 3% from the same period last year, the Wall Street Journal reported, citing data from market research firm Circana.
It remains to be seen whether those efforts will be enough to win back Americans, 78% of whom now view fast food as a “luxury,” according to a recent LendingTree survey.
McDonald’s is scheduled to announce second-quarter earnings July 29.
