The competition between fast food companies and the declining customer dollar is intensifying, with another player entering the value meal arena.
Emulating the strategies of McDonald’s, Wendy’s, and other rivals, Taco Bell is rolling out its own version of a combo deal to attract cash-strapped consumers back to its eateries.
The “Luxe Cravings Box” features a selection of popular menu items for a total cost of $7, including a Chalupa Supreme, Beefy 5-Layer Burrito, Double Stacked Taco, chips and nacho cheese sauce, and a medium-sized drink. According to Taco Bell, this represents a 55% discount off the regular menu prices for these items.
Taco Bell
However, this offering from the California-based chain is only available for a limited time. While Taco Bell did not specify an end date, the $5 Taco Discovery Box, another recent value meal available only on Tuesdays, was removed from the menu on June 4. Nonetheless, the Cravings Value Menu, featuring 10 items for $3 or less, is a permanent fixture.
“By launching the $7 Luxe Cravings Box, we are providing consumers with our most sought-after items at an affordable price point and upholding our commitment to value by satisfying cravings with beloved full-sized menu items,” stated Taylor Montgomery, Taco Bell North America’s chief marketing officer. “Our Cravings Value Menu is one of the most competitive value menus in the industry, offering 10 items for under $3, as we believe consumers should not have to compromise between affordability and variety.”
Related: McDonald’s reveals what will be included in $5 value meals
This move by Taco Bell comes on the heels of McDonald’s introduction of a temporary $5 value meal, comprising a four-piece chicken nugget, small fries, small soft drink, and a choice between a McDouble or McChicken sandwich.
Additionally, Wendy’s has recently announced a comparable $5 Biggie Bag, which includes a sandwich, small fries, four-piece chicken nuggets, and a small drink. Wendy’s sandwich options consist of a junior bacon cheeseburger, crispy chicken BLT, or double stack.
This emerging trend of value meals coincides with a decline in foot traffic within the fast food industry due to escalating menu prices and reduced discretionary spending.
A recent report from consulting firm Revenue Management Solutions revealed that consumers are frequenting restaurants less frequently, with nearly 40% of respondents indicating a reduction in this category of expenditure.
Related: No, Wendy’s isn’t trying surge pricing. Here’s what it’s changing
