Consumers responsible for buying the family groceries are aware of increasing meat prices and they’re willing to pay more, but budgets likely prevent them from buying more beef and pork.
The findings come from Oklahoma State University’s monthly Food Demand Survey (FooDS). According to the results, consumers were willing to pay 8.3 percent more for steak and 1.34 percent more for ground beef, however the price consumers would pay for pork chops and ham declined by 4.42 percent and 6.65 percent respectively.
The survey could be influenced by Labor Day, the last major grilling holiday of the summer. Results show the price consumers were willing to pay for steak has increased from $6.20 per pound in July to $6.60 per pound in August and $7.15 per pound in September. Ground beef prices fell lower in August, moving from $4.14 to $4.11 per pound from July to August, but increased to $4.16 in September.
Higher meat prices are a contributing factor to more expensive trips to the grocery store. Weekly grocery bills among respondents increased by 1.59 percent to $93.33 per week in September. The data shows higher grocery bills have an effect on dining out as the average budget for meals away from home fell 1.55 percent to $45.63 per week. As a result of the increasing pork and beef prices at the supermarket, the FooDS report shows most consumers do not plan on buying more beef and pork, but will increase purchases of chicken.
The survey also found that, although Zilmax is a hot topic to anyone inside the beef industry, 84 percent of the audience has never heard of the product. Only seven percent recognized the product from the news due to food safety concerns.
The Food Demand Survey is conducted monthly by Oklahoma State University byDr. Jayson Lusk. The online survey measures consumer spending habits in regards to food, and includes at least 1,000 individuals.