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Agricultural News

August Food Demand Survey Shows Steady Willingness to Pay for Steak and Hamburger This Summer

Fri, 22 Aug 2014 11:12:35 CDT

August Food Demand Survey Shows Steady Willingness to Pay for Steak and Hamburger This Summer The August 2014 edition of the Food Demand Survey (FooDS) has been released by the Ag Economics Department of Oklahoma State University. According to Dr. Jayson Lusk who authors the monthly report, consumers have maintained a constant willingness to pay for meat products as they have been surveyed in last couple of months. The survey suggests that Beef and poultry willingness to pay attitudes are virtually unchanged from last month but are up relative to a year ago.

Also of note:

WTP for the two pork products (chops and ham) significantly rose in August relative to July.
For the first time since we've been doing Foods (over a year and a half), more people told us they plan to buy more beef in the coming weeks than said they plan to buy less beef.
Consumers continue to expect to see increasingly higher prices for beef in the coming weeks; inflationary expectations for chicken and pork remain similar to last month but are higher than a year ago.
More people are planning to eat out than was the case a year ago.
Concern for "pink slime" and for lean fine textured beef rose this month relative to July, although consumers did not report hearing more about these topics in the news.
The largest drops in concern this month were for mad cow, bird flu, and GMOs.

As of mid August, the dollar figure associated with the Willingness to Pay computation is $7.01 a pound for steak, $4.32 a pound for hamburger and $5.05 a pound for a chicken breast.

To view the entire report, click here.



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