McDonald's global sales drop for first time since 2020
McDonald’s reported its first drop in worldwide sales since 2020 as consumers shy away from higher priced menu items
McDonald’s has reported global like-for-like sales fell 1.1% in its second quarter ending 30th June 2024.
This is the first time sales have fallen since the last quarter of 2020.
Persistent inflation has forced lower-income consumers to shift to more affordable food options as higher priced menu items, like Big Macs, see a decline in sales.
Recently fast food chains like McDonalds have had to lean on value meals to spark customer traffic. Early this year McDonalds UK introduced a limited time offer of: 3 items for £3. This saw such a success that they've brought it back for the month of August.
Loyalty focused
Chief executive Chris Kempczinski said: “We are confident that Accelerating the Arches is the right playbook for our business and as consumers are more discriminating with their spend, we are focused on the outstanding execution of delivering reliable, everyday value and accelerating strategic growth drivers like chicken and loyalty.”
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