Agricultural News
Consumers' Willingness to Pay Drops in Latest OSU Food Demand Survey
Thu, 16 Jul 2015 04:47:02 CDT
Consumers expect lower meat prices and expect to buy less meat compared to one month ago. That's according to the monthly Food Demand Survey released by Dr. Jayson Lusk and his team in the Ag Economics Department at Oklahoma State University. Consumers' willingness-to-pay (WTP) has decreased for all products in July, except for hamburger which remained nearly unchanged. WTPs for beef and chicken products are similar to this time last year, but pork WTPs are down from last year.
Consumers are more focused on eating this month. Food expenditures for food eaten at home increased slightly from June, whereas food expenditures for food purchased away from home also increased 4.88 percent relative to last month.
Taste, safety, and price remain consumers' most important values when purchasing food this month. Consumer values remained similar to past months, with a decrease in perceived value of naturalness, and an increase in perceived value of appearance. Consumers continue to report their main challenge was finding affordable foods.
In tracking consumer concerns, the survey found genetically modified organisms (GMOs), E. coli, and Salmonella were the most visible issues in the news over the past two weeks. The largest percentage jump in awareness from June to July was for beta-agonists and gestation crates. The largest percent decrease from June to July was seen in bird flu and swine flu.
Dr. Jayson Lusk, Regents Professor and Willard Sparks Endowed Chair in the Department of Agricultural Economics, leads the team that has developed and conducts the monthly Food Demand Survey. The purpose of this project is to track consumer preferences and sentiments on the safety, quality, and price of food consumed at home and away from home.
Click here to read the results of OSU's Food Demand Survey.
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