(NewsNation) — It doesn’t roll off the tongue like it did when it was the $5 Footlong, but Subway is reviving its discounted footlong sandwiches at several U.S. locations starting next week.
For two weeks starting on Aug. 26, the popular fast-food restaurant is offering its footlong subs for $6.99 a piece.
“Today’s diner is stretched more than ever, and too often that means a tradeoff on quality, variety or flavor to find an affordable meal,” Doug Fry, the president of Subway North America, said.
It’s a decent discount when some of its sandwiches can exceed $14 or more, depending on location, according to Restaurant Business Magazine.
But there’s a slight catch: Customers will have to unlock the deal using a promo code — “699FL” — on the Subway App or Subway.com. Plus, the company said higher prices are expected in Alaska, Hawaii and California.
The deal expires on Sept. 8, 2024.
Inflation’s impact on fast food
American restaurants and food brands have struggled to keep customers coming back amid high inflation and fast-changing food trends.
A drive-thru is supposed to feel like a quick and cheap alternative to cooking, but a May survey from LendingTree revealed that Americans don’t feel that way at the moment.
Seventy-eight percent of respondents told LendingTree they view fast food as a “luxury.” People making less than $30,000 annually and people with kids concurred in even bigger numbers, topping 80%.
Half of all respondents said they view it as a luxury because they’re struggling financially.
Turning to ‘limited-time offers’
Recent data from Technomic found that the number of “limited-time offers” in the food service industry has grown 53% over the last four years.
Over the past year alone, LTOs have jumped 46% at both quick-serve and full-service restaurants.
Due to overall food inflation, customer flow is unpredictable and trending down as Americans cut back across the board. Federal data showed the cost of dining out is up by over 4% in the past year and by a whopping 26% since before the pandemic.
Since 2014, fast-food restaurants have raised menu prices by 60%, nearly double the rate of inflation over the same period, according to a recent FinanceBuzz analysis of twelve different chains.
According to the study, prices at McDonald’s have gone up the most, surging 100% over the past ten years. These days, a Quarter Pounder with Cheese meal will set you back $11.99 on average, up from $5.39 in 2014, per the report.
Yet, new products and LTOs keep customers coming back.
