Mccdonald's is reportedly preparing to launch a $5 meal deal in an effort to attract lower-income customers who may have been priced out of the fast-food chain due to soaring menu prices. The $5 meal deal is said to include either a McChicken or a McDouble, along with fries and a drink, according to a person familiar with the matter who spoke to Bloomberg on the condition of anonymity.
This move comes after McDonald’s CEO Chris Kempczinski emphasized the need for affordability, especially in light of rising minimum wages in several states, including New York and California. Some franchisees have already increased menu prices to offset higher labor costs, with some customers expressing frustration over the inflated prices, including an $18 Big Mac at one Connecticut location.
The $5 meal deal is seen as a way to attract customers back to McDonald’s as menu prices have doubled over the past decade, outpacing inflation rates. A Quarter Pounder with Cheese meal now costs $11.99, more than double its price in 2014, according to a study cited by FinanceBuzz.
Overall, McDonald’s has faced criticism for its pricing strategy, with some customers noting the absence of truly affordable options on its $1 $2 $3 Dollar Menu. The fast-food giant has denied the accuracy of reports detailing the extent of its price increases.
As McDonald’s prepares to roll out the $5 meal deal in select locations, it remains to be seen whether this move will be enough to win back customers who may have been deterred by the chain’s high prices in recent years.