Frontier Group Holdings, Inc. (ULCC  ) announced a new promotion on Tuesday which includes a free seat assignment and one checked bag just one week after Southwest Airlines Co. (LUV  ) stopped offering the perks.

What To Know: Frontier Airlines is offering a "Your New Love" Economy Bundle for all nonstop travel bookings that includes a free carry-on bag, seat selection and flight changes. A free checked bag included for flights departing May 28 through Aug. 18 and fares that start as low as $39 each way are eerily reminiscent of Southwest's previous offers.

"We've always had heart," said Barry Biffle, CEO of Frontier Airlines.

"Some airlines are walking away from what travelers love, but we're running towards it. Think of this as the ultimate 'divorce your old airline' deal. If travelers show us the love, we'll make these perks permanent," Biffle added.

The move comes after Southwest Airlines ended its long-standing "bags fly free" policy last week. The airline will begin charging checked baggage fees on May 28, though Southwest did not disclose how much the fee will be.

Why It Matters: The airline industry is facing tough times ahead as corporate and leisure travel demand declines. Delta Air Lines, Inc. (DAL  ) and American Airlines Group, Inc. (AAL  ) both slashed their revenue forecasts while offering new, no-frills economy tickets to cash-strapped consumers.

Frontier seems to be hopeful that it can grab some market share from travelers who are disappointed with the changes at Southwest.

"At the end of the day, travelers just want to be valued," said Biffle. "We're bringing back the things people love about flying - free bags, free seat selection, and flexibility - without the extra fees. No games, just great value."