As traffic to the Golden Arches declines and diners spend less on dining out, McDonald’s is now extending its $5 meal offer at most U.S. locations through the fall and into December.
Most read by Fast Company
It is the second time that the fast-food chain has extended the deal, which came into effect in the summer, and is another sign that the burger chain is trying to win back lower-income customers, as it feels its food is becoming too expensive.
According to Investing.com, Citi raised its price target for McDonald’s Corporation (NYSE: MCD) from $275 to $301 on Friday, expecting positive quarterly results.
McDonald’s shares rose about 1.44 percent in late trading on Friday.
What is included in the menu?
While $5 doesn’t get you much these days, at McDonald’s, $5 gets you four nuggets, a McChicken or McDouble sandwich, small fries and a small soft drink. The discount comes after McDonald’s, like many other chains, raised prices to counter skyrocketing food prices and rising inflation.
The rise in menu prices has left many budget-conscious customers wondering if fast food is still worth the price. McDonald’s said earlier this year that the price of a Big Mac had increased 21% since 2019, but some price increases shared on social media were even more dramatic.
Like Starbucks and other chains, McDonald’s is offering discounts to customers in the hopes that they will return. The company said it expects to offer more deals in the coming weeks and months.
This article originally appeared on fastcompany.com
Subscribe to the Fast Company newsletter: http://fastcompany.com/newsletters
