Compared to just a month ago, consumers are willing to pay a lot more for meat, pork and chicken products, according to the latest Food Demand Survey from Oklahoma State University’s Department of Agricultural Economics.
The monthly survey of approximately 1,000 individuals collects data on consumer’s willingness-to-pay for a variety of food items. This month’s survey shows consumers are willing to pay between nearly 11 to more than 35 percent more for popular protein products, including steak, pork chops and chicken wings.
Compared to the May survey, consumers’ willingness-to-pay for chicken wings increased the most, from $2.01 per pound to $2.89 per pound, an increase of 35.82 percent. Hamburger experienced the smallest gain month-to-month, increasing from $4.07 per pound to $4.50 per pound, an increase of 10.57 percent. Other meat categories included in the survey were steak, which increased from $6.35 per pound to $7.52 per pound; chicken breasts, which increased from $4.63 per pound to $5.35 per pound; pork chops, which experienced an increase of 17.81 percent; and deli ham, which increased from $2.29 per pound to $2.89 per pound.
According to the survey, expenditures on groceries and on food away from home decreased compared to May. Respondents indicated they spent an average of $94.84 per week on groceries, a 1.56 percent decrease, and $43.60, a 6.5 percent decrease.
Consumers said they expect beef prices to be higher than last year and last month and they expect chicken and pork prices to be similar to May 2014 but higher than 2013 prices.
According to the USDA Weekly Retail Beef Feature Activity report for the week of June 13-19, 2014, there was a decrease in the number of food retail outlets featuring beef. Of those outlets featuring beef, USDA says most were catering toward the Father’s Day holiday by featuring traditional grilling items such as cuts from the Chuck, Round, Loin and Ground beef. Ribs and Brisket items saw less ad space.
Ground Beef 70-79 percent lean was featured in 1,570 stores with an average price of $2.58 per pound; 80-89 percent lean Ground Beef was featured in 2.750 stores across the country with an average price of $3.52 per pound; and 90 percent or higher lean product was featured in 2,650 stores with an average price of $4.44 per pound, according to USDA.