McDonald's has a new deal to win over budget shoppers.
On November 1, the company will debut the $6 Classic Meal Deal for a limited time, according to McDonald's executives who confirmed internal documents viewed by Business Insider.
For $6, customers can purchase one entrée, a small fry, a drink or sweet tea of any size, and an apple or seasonal pie. Customers can pick from one of four classic entrées, including a quarter pounder with cheese, a Big Mac, a 10-piece McNuggets, or Filet O Fish.
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McDonald's US chief marketing officer Morgan Flatley said in an email to Business Insider on Wednesday that the $6 Meal Deal "enables us to attract different customer segments, ultimately driving traffic into our restaurants while protecting margin."
"The industry is very competitive when it comes to value, but we remain focused on delivering against our ongoing commitment to build a better McDonald's for customers," Flatley said.
"We'll soon launch a new classic meal deal option featuring some of our iconic core menu items for our customers looking for a satisfying meal at an affordable price," CEO Steve Easterbrook said.
Analysts have been buzzing about the deal following McDonald's earnings, despite the lack of details provided by the company.
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"We believe the Classic Meal Deal will prove to be MCD's most aggressive effort to date to compete with the bundled value offerings that virtually all of its competitors have been promoting for several years," Gordon Haskett analyst Jeff Farmer said in a note on Tuesday.
"While traffic remained negative this quarter, we believe the upcoming breakfast menu news and meal deal offers will sustain the concept's sales gains while technology becomes a greater contributor in 2019," BTIG's Peter Saleh wrote in a note on Wednesday.
While deals typically convince more people to come into restaurants, McDonald's foot traffic declined in the most recent quarter, raising questions from some analysts. Neil Saunders, the managing director of GlobalData Retail, wrote in a note on Tuesday that McDonald's "has focused too strongly on the Dollar Menu."
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"This does drive some traffic, but the message is both tired and drives people to trade down rather than to explore higher priced options," Saunders continued.
McDonald's isn't alone in its value obsession as fast-food rivals battle to win over budget shoppers.
Earlier this year, Wendy's expanded its 4-for-$4 bundle deal and Taco Bell doubled down on its $1 menu. KFC's US chief marketing officer, Andrea Zahumensky, told Business Insider that the chain is testing new value platforms as customers are increasingly economically squeezed.
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