The following is portion of an article from Drovers CattleNetwork:
by Mary Soukup, Editor
With the official start to grilling season less than a week away, the U.S. Department of Agriculture is reporting that more retail outlets are offering special rates to consumers who, according to the latest Food Demand Survey from Oklahoma State University’s Department of Agricultural Economics, indicated they were not willing to dig as deep into their wallets as they were in previous months.
The monthly survey of approximately 1,000 individuals collects data on consumer’s willingness-to-pay for a variety of food items. This month’s survey shows a decreased willingness-to-pay for all products, with steak, chicken breasts and chicken wings experiencing the largest decreases. For beef specifically, in May 2014, consumers indicated a willingness-to-pay $6.35 per pound for steak, compared to $6.87 in April, a decrease of 7.58 percent. For hamburger, consumers said they were willing to spend $4.17 in April but just $4.07 in May, a 2.4 percent decrease.
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Source: Drovers CattleNetwork
Posted by Haylie Shipp
