McDonald’s (MCD) has extended its popular $5 U.S. value meal to the end of this year as it seeks to win over financially strapped consumers.
The Chicago-based quick service restaurant chain had initially brought back the value meal for a limited time this summer in response to consumer complaints that the company’s meals had gotten too expensive at an average price of about $15 U.S.
Now, McDonald’s has extended into December the popular $5 U.S. meal that consists of a McDouble or McChicken sandwich, small fries, four-piece chicken nuggets and a small drink.
The company said that 80% of markets within the U.S. will extend the value meal into December and the busy year-end holiday shopping season.
McDonald’s isn’t alone in trying to court consumers who have pulled back their spending on restaurants in the wake of persistently high inflation and interest rates.
Burger King, which is owned by Canada’s Restaurant Brands International (QSR) and coffee chain Starbucks (SBUX) have also discounted food and beverage items in recent months.
McDonald’s has acknowledged that its prices have steadily risen coming out of the Covid-19 pandemic and said that it is committed to re-establishing its position as a leader on “value and affordability.”
The stock of McDonald’s has declined 2% so far this year and currently trades at $290.23 U.S. per share.
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