The news: McDonald’s will reintroduce Extra Value Meals on September 8.

• The combo meals will deliver about 15% savings compared with buying items separately.
• To launch the promotion, the chain will offer an $8 Big Mac meal and a $5 Sausage McMuffin meal, both for a limited time in most markets.

The move could spark new price wars among quick-service restaurants (QSRs), which are leaning on meal deals to offset slowing—or declining—sales.

Why is this happening? McDonald’s has been among the most vocal QSRs highlighting how low-income consumers have pulled back on spending. On its Q2 earnings call, the company noted double-digit declines in visits from low-income customers versus last year, adding that reengaging them is critical because they typically visit more often than middle- and high-income consumers.

The pullback reflects a broader perception shift: QSRs have lost their budget-friendly appeal. Only 14% of consumers now see them as a good value, while 23% view them as a treat or reward, according to consumer insights platform Zappi—a striking change for a category once defined by affordability.

McDonald’s value push: McDonald’s is determined to reclaim its value-leader status.

• Last summer, it launched a $5 value meal, later extending it into early 2025. It followed with a “buy one, add one for $1” offer on items like the McChicken and double cheeseburger.
• In January, it introduced the McValue menu, which offers a sandwich, small fries, Chicken McNuggets, and a soft drink for $5, alongside a breakfast version featuring items like the Sausage Biscuit or Burrito. The lineup later expanded to include the Daily Double cheeseburger for $6 or $7, depending on the market.

The return of the Extra Value Meal is aimed at reaching the half of McDonald’s customers who don’t use its mobile app for deals or value menu items, CEO Chris Kempczinski told CNBC.

Our take: While McDonald’s delivered better-than-expected results in Q2, including 2.5% same-store sales growth, most of its gains came from higher prices. To build momentum, the brand must shift consumer perception, not just raise prices. Bringing back the Extra Value Meal is a step in that direction.