The battle is on between Burger King and McDonald's.
Burger King is set to bring back its $5 "Your Way Meal," according to a memo obtained by Bloomberg. The move comes after McDonald's recently announced it will introduce its own $5 value meal.
McDonald's will begin offering its deal on June 25, but the promotion will only last one month, according to CNBC. Burger King plans to launch their value deal before McDonald's.
However, Burger King does plan to run its promotion longer than McDonald's.
“Regardless of their plans, we are moving full speed ahead with our own plans to launch our own $5 value meal before they do — and run it for several months,” Burger King said in the memo, according to Bloomberg.
Burger King’s meal will allow customers to chose between of one of three sandwiches and will come with nuggets, fries and a drink, Bloomberg reported.
CNBC noted that McDonald's will offer a similar spread: a choice between a McChicken or a McDouble, four-piece chicken nuggets, fries and a drink.
The moves come as fast food restaurants are trying to combat the inflationary pressures driving many Americans away from dining out.
A recent survey conducted by LendingTree found that 78 percent of Americans now view fast food as a luxury as it's become increasingly expensive.
The survey also found that three in four Americans still eat fast food at least once a week, although 62 percent say they're currently eating it less.
These concerns are causing fast food restaurants to act fast in order to retain customers.
Burger King and McDonald's are not the only chains bringing consumers less expensive options. Bloomberg reported that Wendy's has recently introduced a $3 breakfast combo promotion. Chili's is also trying to draw business away from fast food joints, offering a $10.99 burger combo of its own.
These promotions highlight the power of the free market and why economic competition is beneficial to our country.
These chains are not only competing with each other to provide better options, but they're also listening to the American people's concerns about fast food becoming too expensive.
It also demonstrates the power that consumers have in the economy. If people can't afford to eat out, restaurants will have to do something to motivate demand.
Hopefully this trend will continue as more restaurants try to outdo their competition and attract more business.
Ultimately this will not only help businesses by attracting more customers, but will drive down costs for consumers.
It's a win-win situation.
