American consumers were willing to pay more for beef in September even though more of them said their household finances had worsened, according to Kansas State University's Meat Demand Monitor, led by agricultural economist Glynn Tonsor, All Ag News reports.
At retail, willingness to pay for ribeye steak rose from $19.54 to $20.71 a pound and for ground beef from $10.54 to $12.11. Beef's projected retail market share held at 37%. In restaurants, willingness to pay for a beef hamburger rose from $23.63 to $23.89 a meal, and beef's projected share reached 44%.
The strain on households showed too: 37% of respondents said their finances were worse than a year earlier and only 18% said they had improved, and more people reported skipping breakfast, lunch and dinner.
The monitor surveys more than 2,000 consumers a month. In September 75% described themselves as regular consumers of animal products, 10% as flexitarian or semi-vegetarian and 8% as vegan or vegetarian. Steady demand supports cattle and beef prices even as affordability worries persist. The report is by Tony St. James.
Photo: Frank C. Müller / Wikimedia Commons (CC BY-SA 3.0)
Source: All Ag News
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