In response to declining sales driven by increased menu prices, McDonald’s CEO Chris Kempczinski has announced a strategic pivot towards affordability in 2024. The announcement comes after the fast-food giant faced backlash for pricing a Big Mac combo meal at nearly $18, a move that alienated its core customer base. Despite achieving a 3.4% growth in global same-store sales for the latest quarter, McDonald’s fell short of the anticipated 4.7% growth, a shortfall attributed to both the price hikes and impacts from Middle Eastern conflicts on overseas franchisees. This resulted in a nearly 4% drop in McDonald’s stock price to $285.97.
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