July 22 (UPI) — McDonald’s plans to extend its $5 value meal though at least August at most U.S. locations amid a perceived success in the deal’s rollout last month, the company said.
About 93% of the roughly 13,816 U.S. McDonald’s will continue to sell the “$5 Meal Deal” after customers supposedly flocked to it since its June 25 launch..
A limited-time offering, the deal was “resonating” with millions of financially-strained American consumers. McDonald’s claimed the offering siphoned business from its competitors, according to the company memo obtained by multiple news outlets.
The $5 meal deal — intended to last for a month only as consumers balk at higher fast food prices — includes a McDouble cheeseburger or a McChicken sandwich, small french fries, four-piece Chicken McNuggets and a drink.
“Our message is resonating with our millions of customers,” Myra Doria, national field president, and Tariq Hassan, U.S. chief marketing and customer experience officer, wrote in the memo.
“When our customers are ordering the $5 Meal Deal, they aren’t visiting the competition, and early performance shows this deal is meeting the objective of driving guests back to our restaurants,” the memo said.
Other fast food conglomerates like Wendy’s, Taco Bell and Burger King also added value deals in recent years to help boost profits.
By 2022, Burger King was saying that rising prices due to inflation was driving more customers to use coupons, loyalty program rewards or other help to offset risings costs.
“We must remember that driving guest counts ultimately propels our business and is the key to sustained growth,” the McDonald’s memo says.
McDonald’s will report its quarterly earnings July 29.