McDonald’s will be extending its fan-favorite $5 Meal Deal at most of its locations through August, according to a Bloomberg report.
The fast-food giant’s limited-time offer – which includes a McDouble or McChicken, a four-piece nugget, a small fry and a small fountain beverage for just $5 – was first introduced in June.
The value meal was set to last in restaurants for four weeks in an attempt to draw back cash-strapped customers who have cut their food spending amid long-lasting inflation.
Some 93% of McDonald’s US restaurants voted in favor of extending the offer throughout August, according to the report.
The value meal may have different offer periods for different restaurant locations, since not all of the McDonald’s restaurants have voted yet.
“Our message is resonating with our millions of customers,” Myra Doria, national field president, and Tariq Hassan, US chief marketing and customer experience officer, wrote in a McDonald’s memo obtained by CNBC.
“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 meal deal launched on June 25, a Tuesday, which was then McDonald’s busiest Tuesday of the year – raking in 8% more visits than the year-to-date Tuesday average, according to analytics company Placer.ai.
Throughout the rest of launch week, visits averaged at least 5% more than the daily year-to-date averages, according to data.
The largest fast food chain in the world also debuted Free Fries Friday – a free medium fry with $1 minimum purchase for app users. The deal lasts through the end of the year.
Casual dining chains like Starbucks and Chili’s have also improved site traffic and sales with the introduction of value meals and discounts.
McDonald’s meal deal has gone head-to-head with value meals from rivals Wendy’s and Burger King as the dining industry struggles to bounce back from inflationary food price hikes that pushed customers away.
The golden arches posted a rare quarterly profit miss in April, as sales growth slid for the fourth quarter in a row to 1.90% despite analysts’ predictions of a 2.35% growth.
“Consumer is certainly being very discriminating in how they spend their dollar … I think it’s important to recognize that all income cohorts are seeking value,” CEO Chris Kempczinski said on a post-earnings call in April.
McDonald’s is set to report its second quarter earnings at the end of July.