The strategy: McDonald’s is pulling multiple levers to drive cost-conscious consumers to spend.

Value: The chain recently rolled out its revamped McValue menu nationwide, offering items under $3 alongside a $4 breakfast deal.

Trends: It is expanding into crafted sodas and energy drinks to tap what it sees as a $100 billion global beverage opportunity. The chain is also highlighting that more than 30 menu items offer 15 grams or more of protein, aligning with consumers’ growing focus on health and wellness.

Novelty: On May 5, McDonald’s will launch a “Stranger Things: Tales From ’85” Happy Meal, which has already generated significant earned media. The rollout follows a proven IP playbook after last year’s Grinch Meal drove the biggest sales day in company history.

Implications for QSRs and marketers: Over half (52%) of consumers said they planned to cut back on dining out in a December CivicScience survey. Since then, the macro environment has only become more challenging, with inflation accelerating in large part due to surging gas prices.

To keep consumers spending, McDonald’s is taking a multipronged approach that combines value, innovation, and cultural relevance. Its upcoming “Stranger Things” Happy Meal is likely to drive a near-term traffic boost, while its broader push into beverages and protein taps into durable consumer trends.

At the same time, the chain is maintaining a sharp focus on value, undercutting competitors on beverages and recalibrating its menu to appeal across income levels. That approach is especially critical given its heavy exposure to lower-income consumers, who are under the most pressure.

McDonald’s approach shows that even for value leaders, one lever alone won’t cut it in this environment. Winning requires a mix of price, innovation, and experience to meet consumers wherever they are on the value curve.