Beef Buzz News
Consumers Keep Buying Beef, but Many Looking for Ways to Keep Cost Per Meal Affordable
Wed, 14 Sep 2022 10:42:24 CDT
Senior Farm and Ranch Broadcaster, Ron Hays, is visiting with Kansas State University Livestock Market Economist, Dr. Glynn Tonsor talking about beef demand. Tonsor works a lot on the demand equation for the beef and pork industry, and he says the latest numbers he has for the month of August show a challenging picture, but consumers are still trying to figure things out to enjoy beef.
Ron Hays Beef Buzzes with Glynn Tonsor on Beef Demand
Tonsor said August beef demand was down in retail and up in food service.
“We have two beef categories (retail and food service), so ribeye steak and ground beef, a couple of pork, as well as chicken breasts and some other proteins that we track,” Tonsor said. “Across the board with the exception of plant-based patties, they were just flat for the month compared to July.”
In August, Tonsor the number of consumers that said they bought their protein for at-home consumption from merchandisers at places such as Walmart and Target, and the number that bought it from club stores such as Costco and Sam’s Club, both were up.
“We have been talking a lot about the response to inflation, but I think this in an indication that folks are shifting to where they buy their protein and probably buying a bigger volume when they buy,” Tonsor said. “They may have a more expensive trip, but I think they are finding ways to get the price per pound lower by buying something bigger and then taking it home and cutting it up or doing a bigger roast and getting multiple meals or whatever the case may be.”
The move away from some of the full-priced grocery stores for at least some proteins seems to be happening more and more as consumers are looking into buying in bulk from the wholesale clubs.
“We have been seeing for four or five months now, a growing number of people saying they are making changes and one of those is changing the cut,” Tonsor said. “I am using the example from ribeye to sirloin.”
Tonsor also talked about the food service side of things.
“This is a month-over-month statement, so when we compare August and July food service demand, and even more narrowly- dinner meals from home certainly were up and that was across the board,” Tonsor said.
Tonsor said the percentage that ate away from home in August was up from July, which broke the recent trend.
Click the LISTEN BAR below to listen to Ron Hays and Dr. Glynn Tonsor talking beef demand.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today’s show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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