Survey finds nearly 80% of Americans view fast food as luxury

McDonald's on Thursday revealed what's on the menu for customers who go for its $5 value meal when the fast-food giant launches the limited-time promotion next week.

With sales numbers this year showing that inflation-weary consumers are cutting back on eating out, McDonald's and other restaurant chains are competing to roll out even cheaper eats. McDonald's announced the promotion after reporting slower growth in foot traffic at its restaurants. 

"We heard our fans loud and clear — they're looking for even more great value from us, and this summer that's exactly what they'll get," McDonald's USA President Joe Erlinger said in a statement.  

Here's what $5 will buy you when the promotion, which is expected to last roughly a month, debuts at McDonald's restaurants nationwide on June 25:

• Choice of a McDouble burger or a McChicken sandwich
• Small fries
• 4-piece Chicken McNuggets
• Small soft drink

McDonald's also announced a "Free Fries Friday" promo in which customers can get a free medium french fry with any $1 minimum purchase.

At McDonald's, the average cost of a Big Mac is now $5.29, up 21% from $4.39 in 2019, according to company data. The average price of a Quarter Pounder with cheese is $5.39, up 20% from $4.49 in 2019. Fast-food chains blame rising labor and food costs as the key factors driving up prices. 

McDonald's is the nation's largest fast-food chain, with more 13,500 restaurants.

A January poll by consulting firm Revenue Management Solutions found that about 25% of people who make under $50,000 were cutting back on fast food, pointing to cost as a concern. A recent LendingTree survey found that 78% of consumers now view fast food as a luxury item that's becoming expensive. 

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Khristopher J. Brooks

Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.

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