With fast-food customers revolting over higher prices, chains like McDonald’s, Burger King and Wendy’s are bringing back the value meal.
Nearly 80% of Americans said they feel fast food has become a luxury and are eating out less, according to a LendingTree survey. To try to lure them back, fast-food chains have been touting their value.
It’s a similar playbook to the one those chains have used in the past, and the competition has sparked what some are calling a value menu war.
“This has always been an industry where value is critically important,” said Sara Senatore, senior analyst at Bank of America Securities. “We’re seeing what I would characterize as a little bit more of a return to normal.”
The restaurants hope that customers will be drawn to value meals, but will also choose to buy regular-priced items.
Early signs show that the value strategy is working. McDonald’s has said it’s seeing an increase in traffic and it extended the length of time for its value meal deals. Restaurant analysts, meanwhile, are expecting that these deals will remain for some time to continue to attract the value-driven consumer.
