KVSP Burger King set to bring back $5 value meal, expert weighs in on competitive pricing
Written by ABC Audio ALL RIGHTS RESERVED on May 24, 2024
(NEW YORK) — Burger King is throwing its crown into the summer savings fast food ring as customers continue to voice frustrations over high costs of food.
The Miami-based burger chain confirmed to ABC News that it will be accelerating value offers, like its $5 Your Way deal. This follows McDonald’s adding a value bundle for a limited time this summer.
The deal at Burger King will include a choice of one of three sandwiches, a Whopper Jr., Chicken Jr. or Bacon Cheeseburger, with chicken nuggets, fries and a soft drink for just $5.
Unlike the Golden Arches, which is expected to launch its option for just four weeks in June, Burger King said it plans to run the $5 deal for several months.
Many companies have been implementing new types of pricing models as customers crave discounts, especially with fast food prices up 33% in March compared to 2019, according to the U.S. Department of Labor.
For example, Wendy’s recently announced a new $3 English muffin meal combo that includes a small portion of seasoned potatoes and choice of either a bacon, egg and cheese English muffin sandwich or a sausage, egg and cheese English muffin sandwich, the company stated.
The latest Consumer Price Index data showed a growing difference between the cost of going out to eat vs. buying groceries, with experts explaining to “GMA” that “When you buy food away from home, 70% of that is overhead and labor, so you’re really only buying 30% of the food with the dollar that you spend.”
Wells Fargo’s Chief Agriculture Economist Dr. Michael Swanson told “GMA” he expects competitive discounts “to continue, because from what we’ve seen, all these companies are really battling for market share — and this usually reflects either quality or price and hopefully both.”
Restaurant Brands, the parent company of Burger King, has yet to release any further information on the new Burger King promo as of time of publication.
Copyright © 2024, ABC Audio. All rights reserved.
