WASHINGTON — McDonald's is reportedly considering launching a $5 meal deal in an effort to lure back inflation-weary customers, according to multiple media reports.
The $5 value meal could include four items: a McChicken or McDouble, a four-piece chicken nuggets, fries and a drink, sources told CNBC, Bloomberg and Reuters.
During an earnings call two weeks ago, the fast food giant said inflation-weary customers are eating out less often in many big markets.
McDonald's President and CEO Chris Kempczinski said during the call that the company needs a nationwide value message and marketing to back it up. In some areas, it's losing out to competitors on customers' perception of value and affordability, he said. Wendy's is currently offering free fries with the purchase of a medium burger, for example.
“There’s a lot of great value out there, but everyone else has a value message too,” Kempczinski said.
Wendy's has a similar $5 meal deal to the one McDonald's is reportedly considering, which offers a sandwich, chicken nuggets, fries and a drink.
According to Bloomberg, U.S. franchisees already rejected the proposed value meal plan once. CNBC reported Coca-Cola has added marketing funds to the proposal to try and make it more appealing for franchisees.
Also during last month's earnings call, McDonald's CFO Ian Borden announced the company would be testing a larger burger in a few markets later this year.
The Associated Press contributed to this report.
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