Consumers Willing to Pay a Lot More for Most Protein Items in OSU Food Demand SurveyMon, 16 Jun 2014 15:52:37 CDT
U.S. consumers were willing to pay a lot more by mid-June for beef, pork and chicken products compared to what they were willing to pay in mid-May, according to Oklahoma State University's Food Demand Survey. The largest absolute monthly increase was for steak ($1.17 increase), and the largest monthly percentage increase was for chicken wings at an almost 36% increase. Consumers say they are willing to spend $7.52 a pound for steak, up from $6.35 just one month ago.
The June Survey showed that consumers were willing to pay $4.50 a pound for ground beef, $4.14 a pound for pork and $5.35 a pound for a chicken breast.
Survey respondents indicated they expect beef prices to continue to rise compared to the previous month and a year ago, while they expect pork and chicken prices to remain similar to last month, but higher than a year ago.
At the same time, the survey showed consumers are spending slightly less overall on food, with food purchased in grocery stores down 1.56 percent from mid-May and food away from home expenditures down 6.5 percent.
Taste, safety and price remained consumer's most important values when purchasing foods.
Consumer values remained similar to those in past months, with a slight decrease in perceived value of price, environment, and origin and an increase in perceived value of safety.
Similar to previous months, consumers reported that their main challenge was finding affordable foods that fit with-in their budget.
The Food Demand Study has been tracking consumers since May 2013, and the project has been developed by Dr. Jatson Lusk of the Ag Economics Department in the Division of Ag at Oklahoma State.
Click here for the June 2014 study summary. To review previous monthly summaries, click here.
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