McDonald's set to roll out $5 value meal. Here's what's included.
McDonald's on Thursday revealed what will be included in its $5 value meal when the fast-food giant launches the limited-time promotion next week.
McDonald's announced the value meal after reporting slower growth in foot traffic at its restaurants. With many inflation-weary consumers recoiling from surging menu prices at fast-food chains, McDonald's, Burger King and others are competing to roll out summer deals on cheaper eats.
"We heard our fans loud and clear," McDonald's USA President Joe Erlinger said in a statement. "They're looking for even more great value from us, and this summer that's exactly what they'll get."
Here's what $5 will buy you at McDonald's restaurants nationwide, under the roughly month-long promotion, starting on June 25:
- Choice of a McDouble burger or a McChicken sandwich
- 4-piece Chicken McNuggets
- Small fries
- Small soft drink
McDonald's CEO Chris Kempczinski said in April the burger chain must be "laser-focused" on keeping prices affordable to convince customers to return. The nation's largest fast-food chain, with more than 13,500 restaurants, also announced a "Free Fries Friday" promo in which customers can get a free medium-size order of french fries with any $1 minimum purchase.
The promos are designed to counter higher menu prices at McDonald's in recent years. The average cost of a Big Mac, for example, is now $5.29, up 21% from $4.39 in 2019, according to company data. The average price of a Quarter Pounder with Cheese is $5.39, up 20% from $4.49 in 2019. Fast-food chains blame rising labor and food costs as the key factors their decision to drive up prices.
A January poll by consulting firm Revenue Management Solutions found that about 25% of people who make under $50,000 were cutting back on fast food, pointing to cost as a concern. A recent LendingTree survey found that 78% of consumers now view fast food as a luxury item that's becoming expensive.
Two of McDonald's biggest competitors, Wendy's and Burger King, have also launched value meals in hopes of increasing foot traffic to restaurants. McDonald's $5 meal likely will not last past its one-month promo time, Nick Setyan, restaurant analyst for Wedbush Securities, told CBS News.
In a separate effort to attract more customers, McDonald's in December opened a beverage-based restaurant called CosMc, with the first outlet debuting in Illinois and the company planning to open 10 locations in Texas cities Dallas, Fort Worth and San Antonio this year.