McDonald’s announced on Thursday (September 12) that most of its stores in the United States will continue to offer discounts, extending the deadline for its $5 Value Meal promotion until December.
According to Reuters, the fast-food giant introduced the $5 meal deal at the end of June and extended it through August to retain customers who are budget-conscious and wary of rising fast food prices.
Due to declining demand, the fast-food industry has accelerated its promotional efforts. In addition to McDonald’s, other fast-food chains are also relying on value meal deals to attract customers, including Restaurant Brands International, the parent company of Burger King, Wendy’s, and Taco Bell.
Joe Erlinger, the President of McDonald’s USA, said, “We are committed to maintaining prices as affordable as possible, which is why we are working harder to introduce more ways to save.”
According to McDonald’s latest annual report, the company operates a total of 13,500 stores across the United States.
So far, McDonald’s restaurants have seen higher foot traffic in this quarter. Andy Barish, an analyst at Jefferies Group, believes that this is due to the “greater appeal of the $5 meal deal and other promotional activities.”
McDonald’s has performed poorly in the past few quarters. According to the company’s financial report for the last quarter, global sales unexpectedly declined in the three months ending June 30, marking the first drop in 13 quarters.
The company also announced fall promotions on Thursday, including the offer of free medium fries with a $1 purchase every Friday, and the opportunity to buy 10-piece McNuggets for $1 from November 4 to December 2.