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Price of Chicken Wings on the Rise

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    Quaker Steak & Lube Restaurant CEO John Longstreet on the growing popularity of chicken wings.

  • Duration 4:49
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Love it don't stop -- up several tickets are expensive but staying home will be -- Especially if you're serving chicken wings up right has flying -- to -- Soaring to record highs -- up more than 10% since last year and we've got the best guy in the country to talk about this.

John Longstreet he is CEO of Quaker steak and lube restaurant says restaurants serve -- massive amounts of wings billiard all your -- -- first of -- -- Means want to get stuck with an oil change to yourself our restaurant bar so the -- part -- the loop.

The loop so that the experience a little by air soft drinks and everything else that we sir okay not to be facetious but I gotta put it to -- this way why is Sarah run them on chicken wings.

It's it's incredible.

And to put into perspective when we served our first wing -- quickest -- -- in 1976 people were cutting the wings off the chickens and throwing them away.

And we had to give the wings away because no one would buy them.

We finally convinced people to triumph and today a billion wings later it's the hottest growing item on the menu in 2000.

Well so wings -- to doing -- becoming as precious than gold non kidding.

But you know what happened Georgia with this -- so there was a big -- that's the theft of -- -- right.

-- it's like a jewel heist -- have become so popular that people are stealing them I think it was like twenty prop 26000 pounds of wings or something like that.

I think it was because they were expecting a shortage.

And they figured they could -- the wings and got a real high price for them don't let them.

That's an incredible story -- I went to school up in buffalo.

And I went to the place -- -- the chicken wing was invented at the anchor bar.

And buffalo like place something they bits this is city that basically -- made a lot of money off of chicken wings are you concerned about the.

Right on chicken wings.

Well obviously -- -- whenever there's a high demand on things you have to be concerned but frankly we're delighted at Quaker steak and lube.

A brand that has become known as best -- USA to have everybody love our products so much and would be crazy if we weren't collided with that but it does put some pressure on.

I can tell you from a shortage stamp went there doesn't appear to be one we have plenty of wings in our restaurants and understand the suppliers have plenty -- -- to so that's not going to be a problem.

This Sunday in fact.

From a consumer standpoint chicken wings may be the best value out there might cost to us has gone up about a 150%.

Or about 50% since last here.

And wanna look recently menu prices have gone up about two to 3% across the system that's really interesting -- cost on a 50% since last year.

Well there's a couple things that happen we called a perfect storm of chicken wings.

There was say.

The suppliers held back a few exit -- as many out the growth chickens in about forty to fifty days -- take any fix in the market.

I wouldn't go that -- and we love our supplier partners but they were looking at you know they're they're demand and supply and then we had the drought.

And then we had corn prices go up.

We call we refer -- -- and -- we referred chickens as corn with wings.

And it's directly related to the price of -- Corn -- So I listen.

Or should or should these Super Bowl February that the -- chicken wing nuts and it -- they should not be concerned and they should also recognize that even though they may be paying a little bit more.

Than what they had last year it's a tremendous value because the restaurants haven't reflected in the price of how much more vs last year.

I would guess that chicken wings are going to be somewhere between two and 5% higher and restaurant.

And remember the restaurant paid 50% mark -- and -- -- Love that you reveal little chicken wing history here that the reason why we had chicken.

You know pieces right then.

Some of that so we have the chicken wing and they have a chicken tenders when bella -- the chicken wings wrapped and then -- -- UC chicken tenders on the menu why.

People started selling chicken wings in the -- you mentioned eight anchor bar in the late sixties and then we did in 19761.

Ones -- -- big way that did it.

Because they were good and -- -- And what happened over time is the wind started driving the bird in other words.

There's more wings demanded than any other part of the bird so all of a sudden the poultry suppliers were faced with a dilemma.

Too much breast -- too much start me what do we do.

So the industry came up with something called the homeless.

Breaded chicken wings Citi says that if you get -- chicken wings gotta take the the enemy -- exactly what -- -- they have -- balance about what do you do with the rest of that -- so that's how boneless breaded chicken going for creative they're really breast pieces.

There were created -- in order to.

Match the demand and by the way.

In the growth of chicken wings Lester 81% of the growth of it was -- was credit so they -- consumers bought -- of the brilliant strategist like through like the real.

I -- and I loved being a business history to become very Kiki and you just really.

Taught me that some interesting points -- John Longstreet.

With Quaker steak and lube restaurant so good to be -- aren't happy anniversary -- -- -- -- weakened right it is -- Clinton muttered -- but it appeared to thank you know.

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