The situation: A significant share of consumers are putting eating out on the chopping block as tariffs carve into their budgets.

• 43% could cut back on full-service restaurants, while 42% are rethinking fast-casual meals, per a CivicScience consumer survey.
• Chains seen as pricey—or lacking a clear bang for the buck—are especially vulnerable, as shown by sluggish results at “slop bowl” brands like Cava and Sweetgreen.

To stay off the block themselves, restaurants from McDonald’s to Applebee’s are leaning hard into value plays.

Quick-service chains lead the charge: Domino’s earlier this month rolled out a campaign for its $6.99 Mix & Match deal, stacking pizzas against cheeseburgers cut into comically tiny portions—a jab at the notion burgers still deliver the best value. The move highlights a broader reality: Only 14% of consumers see QSRs as a good value, while nearly a quarter (23%) now view them as a treat, according to Zappi.

• McDonald’s and its US franchisees are capping eight popular combos at 15% below à la carte totals, per The Wall Street Journal. Later this year, it will debut $5 breakfast and $8 Big Mac or McNugget specials under the Extra Value Meal banner.
• Potbelly in Q2 tested a $7.99 combo—a Skinny sandwich, chips, and a drink—that lifted value perceptions and boosted both return intent and profitability, CEO Bob Wright said.
• Pizza Hut added “Crafted Flatzz,” a thinner, crispier spin on its Personal Pan Pizza, for $5, aimed at budget-minded lunch-goers.
• Even Sweetgreen is joining the value push. Known for $15 salads, it’s upping protein portions by 25%, testing limited-time pricing, and offering $13 bowls to loyalty members.

Full-service chains are playing the same game:

• Chili’s has notched multiple quarters of double-digit same-store growth, fueled by value-first campaigns like its “3 for Me” meal deals.
• Applebee’s is borrowing a page from Chili’s with its new “Ultimate Trio” that lets diners mix and match three appetizers and three sauces for $14.99.

Our take: Consumers haven’t lost their appetite for dining out, but with budgets under pressure, they want to be sure they’re getting their money’s worth. Restaurants that serve up value will thrive; those that don’t could get carved up as tariffs pinch wallets.