Wendy's follows McDonald's with budget-friendly combo
Wendy's is following McDonald's lead in offering a lower-priced combo to lure back inflation-weary consumers, as fast-food chains see sales slip due to more people eating at home to save money.
On Tuesday, Wendy's rolled out a $3 breakfast combo that includes a small order of seasoned potatoes with the choice of either a Bacon, Egg & Cheese English Muffin or a Sausage, Egg & Cheese English Muffin at participating locations.
The offer is available at participating locations for a limited time. Wendy's did not immediately respond to a FOX Business inquiry about how long the deal will last.
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Wendy's stock was down slightly by 1.16% on Tuesday following the news, to a share price of $17.88. The stock is down 21% from a year ago.
Earlier this month, Bloomberg first reported that McDonald's will be offering a $5 meal deal in June that will be available for roughly a month. The budget-friendly combo will include the choice of a McDouble or a McChicken, along with four chicken nuggets, fries and a drink, a source told CNBC.
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The discount combos come as global restaurant chains such as McDonald's and Starbucks have seen lower-income customers opting to eat more meals at home amid a cost-of-living crisis, forcing the companies to offer steeper promotions to attract them to their outlets.
McDonald's, which has a higher exposure to the lower-income cohort, saw its global sales growth slowing for the fourth straight quarter.
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McDonald's stock is down 8% over the past year, with its share price hovering around $266 Tuesday afternoon.