McDonald’s CEO has issued a new message for the future as customer complaints about soaring fast food prices continue to rise.
Prices at fast food restaurants across the country are rising as the total cost of customers increases due to rising food and labor costs. However, this backlash is manifesting itself in a variety of ways.
McDonald’s reported disappointing fourth-quarter results, and Yum Brands said its top brands, including KFC, Taco Bell and Pizza Hut, saw less-than-expected growth, according to NBC News.
McDonald’s President and CEO Chris Kempczinski said customers making less than $45,000 a year are visiting fewer restaurants and spending less. Kempczinski said these customers are increasingly eating at home as grocery inflation recedes.
As a result, Kempczinski promised to focus on affordable companies this year.
McDonald’s hopes to lure those customers back to its stores with marketing that emphasizes lower-priced options.
Chief Financial Officer Ian Bowden said: “There is no doubt that consumers are becoming more wary and fed up with pricing, and as we move into 2024, we continue to ensure consumer-driven pricing decisions. I’m going,” he said.
Details about what these affordable options will look like or whether price cuts are being considered remain unclear.
The comments came after the Chicago-based world’s largest burger chain was targeted online for its Connecticut restaurant’s $18 Big Mac combo meal and $7 Egg McMuffin. TikTok users also started sharing their complaints.
McDonald’s told NBC News that pricing is up to franchisees and can vary from store to store, but the company strives to balance value.
The news comes as the company touts several recent changes, including a new concept restaurant called CosMc’s in the Chicago suburb of Bolingbrook and a promise to open about 10,000 new restaurants over the next four years. It was announced in the midst of
The company also recently introduced a new menu called the “Double Big Mac,” which has four beef patties and more Big Mac sauce than the original menu. The chain previously announced improvements to its burgers, including meltier cheese and softer toasted buns.
The company plans to bring the McCrispie sandwich back to nearly every global market in 2025.