Report: McDonald’s $5 menu will remain on offer longer

FILE – The McDonald’s restaurant logo and the golden arch. (AP Photo/Jeff Roberson, File)

(NewsNation) — McDonald’s is reportedly extending its $5 meal deal after the promotion successfully won back price-conscious diners frustrated by rising menu prices.

The vast majority of McDonald’s stores (93 percent) have committed to selling the package after the initial four-week period beginning June 25, according to a memo seen by Bloomberg. Some restaurants will offer the deal through August, while others have not yet decided.

Since its launch last month, the limited-time offer has helped lure diners 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 beverage.

The offer could be extended even longer as the burger giant looks to expand its “affordability plans for the rest of the year,” Bloomberg reported.

In April, McDonald’s missed quarterly earnings estimates for the first time in two years as inflation-weary consumers became more cautious about spending on restaurants.

Other fast-food chains noticed similar cost-cutting measures and responded by introducing their own menu offerings. Last month, Burger King launched its $5 “Your Way Meal” menu, and earlier this year, Taco Bell rolled out a new Cravings Value Menu with 10 items under $3.

Nearly 30 percent of fast-food orders were tied to a promotion in the first three months of the year, up 3 percent from the same period last year, the Wall Street Journal reported, citing data from market research firm Circana.

It remains to be seen whether these 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 expected to announce second-quarter results on July 29.