The decision comes after the limited-time offer proved to be a major success, attracting customers back to the fast-food chain.

According to Bloomberg, a whopping 93% of McDonald's franchisees voted in favor of extending the $5 value meal promotion into August. This news was also confirmed by the popular McFranchisee Twitter account, known for its insider perspectives from McDonald's restaurant owners.

While some franchisees expressed concerns about the profitability of the promotion in high-cost markets like New York and San Diego, overall, the $5 value meal has proven to be a game-changer for the chain. It has resulted in a boost in foot traffic, reversing the decline caused by inflationary pressures that forced many locations to raise their prices significantly.

Data from Placer.ai reveals that McDonald's experienced a remarkable surge in foot traffic following the launch of the $5 value meal on June 25. In fact, that day marked the busiest Tuesday of the year for the fast-food giant. For the four days following the promotion's launch, foot traffic at McDonald's increased between 5.4% and 7.9% compared to the previous year.

The $5 value meal includes a four-piece Chicken McNuggets, small fries, a small soft drink, and a choice between a McDouble or McChicken sandwich. Competitors like Burger King and Wendy's have also offered similar value meal promotions to appeal to price-conscious customers.

McDonald's USA President, Joe Erlinger, expressed the company's commitment to meeting customer demands for great value. "We heard our fans loud and clear - they're looking for even more great value from us, and this summer that's exactly what they'll get," said Erlinger in a press release. "Value has always been part of our DNA," he added, emphasizing their focus on delivering delicious and affordable options to customers.

The decision to extend the $5 value meal promotion highlights the challenges faced by the restaurant industry during a period of high inflation. Rising food costs and labor expenses have forced many restaurants to increase their prices, which in turn deterred some consumers. However, with food costs stabilizing, restaurants like McDonald's are reevaluating their pricing strategies to bring back customers and offer them more affordable dining options.

With the extension of the $5 value meal promotion, McDonald's is poised to continue its upward trajectory in foot traffic and maintain its position as a top player in the quick-service restaurant industry.