Fast food restaurant chains throughout the United States are changing up their priorities, deciding to push new, pricier meals instead of value ones. Previously, especially before the COVID-19 pandemic changed how people shop, fast food chains such as McDonald’s heavily marketed value items and meals — anything priced under $5. Now, many fast-food restaurants have changed their strategies and are instead pushing $10 to $30 combination meals, often promoting these new, expensive meals instead of their cheaper options.
According to the restaurants enacting these new strategies, these methods are supposed to help lift sales, as well as offset rising food costs. As the United States’ economy speedily reopens, many businesses across a variety of industries and learning what they need to do to attract customers. Many people are looking to spend money and eat out, as more Americans are becoming fully vaccinated.
Fast food companies are perhaps one of the only industries to do well during the pandemic. While many dine-in restaurants were forced to close or pivot to offering curbside take-out orders, fast food restaurants didn’t really have to change much of their business aspect. As a result, many people flocked to ordering at fast-food restaurants by using the business’ regular drive-thrus.
However, now that the pandemic is hopefully coming to an end, fast food restaurants are looking to increase their sales in any way they can. Plus, they have to adapt to food prices rising. While some analysts caution against this change in marketing and strategy, others realize that many Americans are looking forward to spending money in whatever way they can, as many have saved during the pandemic.
Across a variety of industries, it’s already apparent that Americans are willing to spend money on goods, travel, and services. Therefore, they also may be willing to spending more money at fast food places.
McDonald’s, Wendy’s, and KFC are three examples of fast-food restaurants that have stopped marketing value meals. Some restaurants have even completely removed these types of value meals from their menus.
KFC, for example, has stopped marketing their $5 Fill Ups. Instead, they are heavily marketing $30 family meals. Wendy’s, meanwhile, is mainly marketing new sandwiches priced at about $7.
While the pandemic allowed fast-food restaurants to continue to do business, it did stop many from creating new sandwiches or items to add to their menu. Now, we’re seeing many restaurants do just that as many Americans look to spend money.
Obviously, how fast food restaurants do this year will affect the economy, just like with any other industry. However, fast food places do have a bit more luxury than other restaurants, as they were able (for the most part) to do well during the pandemic. As more Americans are looking to travel and spend money on a variety of different businesses, this latest new strategy could end up increasing fast-food sales even more.
While critics worry it will just put more strain on hourly workers and low-income customers, fast-food restaurants disagree and explain that it will only help all those involved with the business.