More expensive beef prices didn’t keep restaurants from increasing purchases, including premium beef, compared to the previous year.
National Restaurant News reports the cut of beef seeing the highest increase last year was a product known for its versatility ranging from a center-of-the-plate cut to an ingredient in salads and sandwiches. The Delmonico steak, also called the chuck eye steak or the chuck filet, sold at a relatively low volume but purchases were 54.5 percent higher than in 2011. Restaurants also spent 61 percent more on purchases of the product.
Purchases of country-style ribs increased by 23 percent and saw a 27 percent increase in the amount spent for the cut. Flat iron and tri-tip cuts also saw noticeable growth in 2012.
Ground beef sales remained flat, further supporting signs that high-end steakhouses are weathering the economy well as other restaurants have noticed decreased traffic over the past year.
Industry experts are forecasting business at restaurants across the country to improve in 2013. Bloomberg reports investors are putting more money in full-service restaurants, expecting traffic to improve in the final nine months of the year.
The study executed by foodservice research firm Technomic Inc. and funded by the Beef Checkoff reviewed responses from 210 purchasing executives at the 250 top restaurant chains.