When faced with higher prices, consumers will use multiple tactics to reduce or reallocate at- and away-from-home food spending, like trading down to private label, buying in bulk, using more leftovers or choosing a quick-service restaurant over a full-service restaurant.
Now is the time to become a "smart shopper" by consulting flyers for specials, creating and sticking to a budget and shopping list, looking for substitutes for expensive foods or freezing meat when it comes on sale.
For many economically pessimistic consumers attractive pricing will seal the deal, while value-added products offering convenient meal options appeal to busy shoppers.
For many economically pessimistic consumers attractive pricing will seal the deal, while value-added products offering convenient meal options appeal to busy shoppers.
A combination of market forces, including consistently strong demand for finished beef, constrained production due to labor shortages caused by the global pandemic, and record inflation, have been driving current beef prices, Tyson Foods President & CEO Donnie King says.