McDonald's Announces $5 Meal Deal amid Rising Food Prices
- May 17, 2024
Fast food giant McDonald's has announced the roll-out of an affordable meal combo in a bid to appease customers who have been frustrated with rising prices in recent times. Scheduled to launch on June 25th, the $5 combo meal includes popular items like a McChicken or McDouble, a four-piece chicken nugget, fries, and a drink.
"We realize the significance of value for our customers and the importance of conveying this through national advertising. This principle has underpinned our business model from the very beginning, and it is more critical today than ever before," expressed a McDonald's spokesperson.
The price point is a stark contrast from the pricey $18 Big Macs that customers have been posting about on social media platforms, making it a potentially popular deal among consumers. Nevertheless, this offer has a catch - it will only be available for around a month, as confirmed by reports.
As highlighted by the Wall Street Journal, this deal could potentially be a financial blow to franchise owners. But, to mitigate some of these effects, McDonald's beverage supplier Coca-Cola will be contributing over $4 million to cover some costs. Coca-Cola expressed its intentions via a spokesperson saying that the beverage conglomerate "routinely partners with its clients to develop marketing strategies that cater to customer demands".
The introduction of this budget-friendly combo could be just the boost McDonald's franchisees and customers need. A McDonald's owner highlighted this sentiment in an internal email to fellow franchisees, citing, "Our sales and customer attendance have declined dramatically. We have seemingly lost our momentum, which we desperately need to regain".
The notion of losing momentum is not an exaggeration. Results from a recent survey by Givex, a Toronto-based data analytics and customer engagement firm, reveal that nearly half (47%) of American respondents reported eating out less frequently in the past year compared to the year prior. Additionally, 60% claimed they have been cooking at home more often. A large proportion (78%) agreed that inflated menu prices posed a hindrance to dining out. While the deal may be temporary, the $5 meal could provide some much-needed relief to consumers and the company alike.