As the battle between fast-food companies and declining customer spending intensifies, new players have entered the value meal market.
Following in the footsteps of McDonald’s, Wendy’s and other competitors, Taco Bell is introducing its own combo deals in an effort to lure inflation-weary shoppers back to its stores.
The “Luxe Cravings Box” includes several fan-favorite menu items, including the Chalupa Supreme, a beef-filled five-layer burrito, a double-stack taco, chips, nacho cheese sauce and a medium drink, all for a total price of $7. Taco Bell says these items are 55% off the regular price.
Taco Bell
However, the California-based company said the box will only be available for a limited time. Taco Bell didn’t say an exact end date, but a recent deal it offered only on Tuesdays, the $5 Taco Discovery Box, was taken off the menu on June 4. However, its Cravings Value Menu, which offers 10 items for under $3, will still be available.
“With the launch of the $7 Luxe Cravings Box, we’re delivering on our value promise of providing consumers the items they crave most at an affordable price, satisfying their cravings with full-sized, fan-favorite menu items,” said Taylor Montgomery, chief marketing officer, Taco Bell North America. “Our Cravings Value Menu is one of the industry’s leading value menus, offering 10 items for under $3. We believe consumers shouldn’t have to choose between affordability and variety.”
Related: McDonald’s reveals what’s on its $5 value menu
Taco Bell’s move comes a week after McDonald’s introduced its limited-time $5 Value Meal, which comes with four chicken nuggets, small fries, a small soft drink, and either a McDouble or McChicken sandwich.
Wendy’s also recently introduced a similar $5 Biggie Bag that includes a sandwich, small fries, four-piece chicken nuggets, and a small drink. Wendy’s sandwich options include the Jr. Bacon Cheeseburger, Crispy Chicken BLT, or the Double Stack.
The new value meal trend comes at a time when the fast-food industry is seeing slowing customer traffic due to rising menu prices and reduced flexible spending budgets.
Consumers are visiting restaurants less frequently than they used to, with about 40% of respondents saying they are cutting back on their spending, according to a recent report from consulting firm Revenue Management Solutions.
Related: No, Wendy’s isn’t trying to raise prices. Here’s what’s changing:
