Phil Lempert on Fast Food Value Meals

Phil Lempert is a television and radio news reporter, newspaper columnist, author, consumerologist, and food marketing expert. For more than 25 years, Lempert, an expert analyst on consumer behavior, marketing trends, new products, and the changing retail landscape, has identified and explained impending trends to consumers and some of the most prestigious companies worldwide. Known as The Supermarket Guru®, Lempert is a distinguished author and speaker who alerts customers and business leaders to impending corporate and consumer trends, and empowers them to make educated purchasing and marketing decisions.

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Transcript:

Value has been a long time foundation for fast food restaurants. McDonald’s may not sell their burgers for 5 cents any more, but their classic value meal which included a main sandwich or burger, a side like fries, and a drink, usually costs under $5, but according to NBC News at McDonald’s and other chains which offer these deals – they are being removed from menus and being replaced with new combo meals ranging from $10 to $30, along with new menu items with higher prices that the chains say will expand their customer base with customers who are looking for higher-quality options. Wendy’s has added The Made to Crave selection which includes items like the Bourbon Bacon Cheeseburger and Pretzel Bacon Pub Chicken, which range in price from $5 to $7. At KFC they stopped marketing the "$5 Fill Ups" according to NBC News, and is now focusing on $30-family meals instead. McDonald's no longer has a $1 menu – it’s now the $1 $2 $3 Dollar Menu. A restaurateur in Buffalo New York told Business Insider that prices of chicken wings from his supplier have gone up a whopping 99%, because of labor shortages on chicken farms. Add to that the price of frying oil is on the rise as well, making chicken wings increasingly more costly to make. And you know what that means – more higher prices. The Food and Agriculture Organization issued its latest food price index showing that on a year to year basis food prices were up 39.7% in May. As restaurants open up many of us may experience sticker shock, and as much as we want to get out we just may not be able to afford it no matter where we go – fast food, quick serve or a fancy white table cloth restaurant.