Taco Bell enters the value meal wars with its biggest deal ever

new York
CNN
—

It’s the summer of the fast food meal wars, and Taco Bell isn’t sitting idly by. The chain announced Thursday that it was entering the fray with one of its biggest deals ever.

The “Luxe Cravings Box” is a collection of four of its most popular items, including a Chalupa Supreme taco, a beefy 5-layer burrito, a double taco, chips with nacho cheese sauce and a medium drink, all for $7 — a 55% discount compared to buying each item separately.

The offer, which is available on menus through September, shows that Taco Bell is not immune to the economic pressures facing chains, which have prompted the company to trim its menu items to bring back customers who are dining out less often and spending less when they do.

Starbucks, Burger King and, new this week, McDonald’s have all launched similar value-focused offerings to re-appeal to cash-strapped consumers and spur spending ahead of their next earnings release.

“We believe fast food should be an everyday luxury that everyone can afford,” said Taco Bell Chief Marketing Officer Taylor Montgomery. He added that his offering offers “standard-sized meals,” unlike some of his competitors’ offerings that offer smaller portions.

Montgomery told CNN that the “Luxe Craving Box” is the “most abundant” offering ever sold and that it offers “consumers more than ever before.” He declined to say whether the new offering was being sold at a loss.

According to parent company Yum Brands’ financial results report, same-store sales at Taco Bell’s U.S. locations rose just 2%, a sharp decline from the chain’s 11% growth over in the same quarter of the previous year. Like its competitors, Yum has said some of its problems stem from customers spending less on fast food.