Consumers are continuing to collide with companies over higher prices.

消費者繼續因價格上漲而與公司發生衝突。

McDonald's is rolling out a special $5 value menu next month.

麥當勞下個月將推出 5 美元超值套餐。

Wendy's and Burger King both launched $5 value meals of their own.

溫蒂漢堡和漢堡王都推出了自己的 5 美元超值餐。

Restaurants are hoping to win back customers who have been turned off by high prices and turned to grocery stores for meals.

餐廳希望重新贏得那些因高價而轉向雜貨店就餐的顧客。

McDonald's, Taco Bell, Burger King and Wendy's have unveiled or If you want to find out which extra value meal is $2.99, go to your local McDonald's.

麥當勞、Taco Bell、漢堡王和溫蒂漢堡都推出了超值套餐，如果你想知道哪種超值套餐的價格是 2.99 美元，請前往當地的麥當勞。

It's a familiar playbook that fast food chains have used in the past, and the competition has sparked what some are calling the value menu war.

這是速食連鎖店過去慣用的慣用手法，這場競爭引發了一些人所說的超值菜單大戰。

Causing this, you know, quote, war could actually be helpful for them, and it might actually help the entire fast food industry.

引發這場，你知道的，引用一下，戰爭實際上對他們是有幫助的，對整個速食業也是有幫助的。

And this has always been an industry where value is critically important.

而這一直是一個價值至關重要的行業。

We've stepped away from that or backed away from that a little bit during the pandemic and in the years subsequent because spending was robust, because there was a lot of inflation in the commodity complex.

在疫情期間和隨後的幾年裡，由於支出強勁，商品綜合體出現大量通膨，我們已經放棄了這一點，或者說稍稍退縮了一點。

But now, you know, we're seeing what I would characterize as a little bit more of a return to normal.

但現在，你知道，我們看到的是我所認為的一點點恢復正常的跡象。

So what has led to the revival of the value menu?

那麼，是什麼導致了超值菜單的復興呢？

And are lower prices here to stay?

更低的價格是否會持續下去？

With the price of fast food skyrocketing, cash-strapped consumers have pulled back on their restaurant spend.

隨著速食價格的飛漲，手頭拮据的消費者已經減少了餐廳消費。

You go back to where we were in 2019, our costs in the U.S. have gone up 40 percent in our restaurants.

回到 2019 年，我們在美國的餐廳成本上升了 40%。

Since 19?

從 2019 年開始？

Since 2019.

自 2019 年起。

Costs are up 40 percent.

成本增加了 40%。

And prices are up?

價格上漲了？

Pricing is up correspondingly.

定價也相應提高。

As of August 2024, prices for food away from home rose over 27 percent since 2019.

截至 2024 年 8 月，自 2019 年以來，外出食品價格上漲超過 27%。

In the U.S., McDonald's same-source sales fell 0.7 percent in the second quarter of 2024.

在美國，麥當勞 2024 年第二季度的同源銷售額下降了 0.7%。

Compared to the previous year, the first time domestic same-source sales have fallen since 2020, other chains felt the same pressures in the U.S.

與上一年相比，這是自 2020 年以來美國國內同源銷售額首次下降，其他連鎖店也感受到了同樣的壓力。

In the second quarter of 2024, Burger King saw same-source sales decline by 0.1 percent and KFCs fell 5 percent compared to the previous year.

2024 年第二季度，漢堡王的同源銷售額與上年同期相比下降了 0.1%，肯德基下降了 5%。

Higher wages have also been a factor.

工資上漲也是一個因素。

Labor costs in states like California and New York further pinched tight margins.

加州和紐約等州的勞動力成本進一步壓縮了利潤空間。

Well, I would consider the $5 menu sort of chapter one of a multi-chapter value playbook that we're going to be writing.

我認為，5 美元菜單是我們將要編寫的多章價值手冊中的第一章。

And that is continued through the end of August.

這一活動將持續到 8 月底。

McDonald's has said it's seeing traffic increase as a result and investors are buying in.

麥當勞表示，它的客流量是以而增加，投資者也紛紛買帳。

The company stock has been moving up since reporting earnings in late July.

自 7 月底發佈財報以來，該公司股價一路走高。

Taco Bell led the value menu wars, launching its cravings menu back in January.

Taco Bell 早在一月份就推出了 "渴望 "菜單，引領了超值菜單大戰。

Value is working for them, but it's really, again, to quote McDonald's, it's a knife fight out there.

價值對他們來說是有效的，但引用麥當勞的話說，這確實是一場刀光劍影的搏鬥。

The value meals are only an entry point to customers to return and discounted menu.

超值餐只是顧客返回和折扣菜單的一個切入點。

Fast food typically does better during economic downturns, but the sharp increase in prices over the years have made fast food meals a luxury.

在經濟不景氣的時候，速食店的生意通常會好一些，但這些年來價格的大幅上漲已經讓速食成了奢侈品。

But value menus can be tough on franchisees because simply lowering the prices will equate to less profit.

但是，超值菜單對加盟商來說很困難，因為僅僅降低價格就會減少利潤。

A McDonald's franchisees advocacy group wrote in a letter obtained by CNBC to the chain saying, the fact remains that in order to provide the consumer with more affordable options, they must be affordable to the owner operators.

CNBC 獲得的一個麥當勞加盟店權益組織在給連鎖店的一封信中寫道：事實上，為了給消費者提供更多實惠的選擇，這些選擇必須是所有經營者都能負擔得起的。

The discount pricing may be a boon for customers, but not so much for franchisees.

折扣價對顧客來說可能是個福音，但對加盟商來說就不是那麼回事了。

Franchisees tried to push back against the value menu rollout, citing reduced costs would further hurt their already tight profit margins.

加盟商試圖對超值菜單的推出進行反擊，理由是成本的降低會進一步損害他們本已緊張的利潤率。

Well, you know, McDonald's is a big family and it has been around for 60 years.

麥當勞是一個大家庭，已經有 60 年的歷史了。

It's been, it's prided itself, its success on this three legged stool between suppliers, the brand and of course, the vital franchisees.

一直以來，它都引以為豪的是，它的成功離不開供應商、品牌，當然還有至關重要的加盟商之間的三足鼎立。

And so in every big family, you have disagreements.

每個大家庭都會有分歧。

But this debate, this internal debate has yielded a great result for the value.

但是，這場辯論、這場內部辯論產生了巨大的價值。

Franchisees have recognized and the fact that they voted to continue it is recognized that the vast majority of franchisees can make money on these meal bundles and in particular are seeing incremental transactions, incremental sales from that.

加盟商已經認識到，他們投票贊成繼續經營的事實也表明，絕大多數加盟商都能通過這些捆綁式餐食賺到錢，特別是他們從中看到了交易量和銷售額的增長。

In addition, they're looking at other value constructs that would be more of a permanent solution.

此外，他們還在研究其他更能永久解決問題的價值結構。

So there's a lot of gates to go through here.

有很多關卡要通過。

So whether it's buy one, get one for a dollar or for five, they need to find a value solution here in the near term.

無論是買一贈一還是買一贈五，他們都需要在短期內找到一種超值的解決方案。

McDonald's originally announced its value menu would be seasonal, lasting only a month.

麥當勞最初宣佈其超值菜單將是季節性的，只持續一個月。

It later decided to extend the deals.

後來，它決定延長這些交易。

Analysts in the street alike expect these deals to remain in some form far longer to continue to attract the value driven consumer.

業內分析人士都預計，這些交易將以某種形式保持更長的時間，以繼續吸引以價值為導向的消費者。

We're working with the franchisees in the U.S. to get a broader value construct in place.

我們正在與美國的加盟商合作，以建立更廣泛的價值體系。

And so what we're working on right now with the franchisees is what's next.

我們現在正在與加盟商一起研究下一步的計劃。

I'd consider the $5 meal a bridge value program.

我認為 5 美元一餐是超值的橋樑計劃。

And then what we'll be doing is putting in place a more permanent value program, much like we had previously.

然後，我們要做的就是建立一個更持久的價值計劃，就像我們以前做的那樣。

Some restaurant analysts expect the value menus to slowly disappear as they normally do.

一些餐廳分析師預計，超值菜單會像往常一樣慢慢消失。

But in their place will remain meal deals like Wendy's popular 4 for 4 or Taco Bell's Cravings Box.

但取而代之的仍將是溫蒂漢堡廣受歡迎的 4 送 4 或 Taco Bell 的 "渴望套餐"（Cravings Box）。

You know, it's just going to be a consistent battle for market share.

要知道，這將是一場持續的市場份額爭奪戰。

I wouldn't expect dramatic changes in results from 2Q to 3Q just given the demand environment.

考慮到需求環境，我不會期望從第二季度到第三季度的業績會發生巨大變化。

And so what we're really going to be looking for is which restaurants, which companies can resonate most with consumers and therefore outpace the rest of the industry.

我們真正要尋找的是，哪些餐廳、哪些公司最能引起消費者的共鳴，從而超越其他行業。