Supermarket Trends: “Pocketbook Pressure” Increases Chicken Demand As Consumers Seek Savings
Cash-strapped consumers have traded down supermarket stores to budget ones and aggressively shifted towards cheaper private label brands. They’ve also dialed back on restaurant spending as challenging economic conditions persist, driven by elevated inflation and high interest rates—primarily fueled by the Biden-Harris team’s’ ‘Bidenomics.’
“In addition to reducing dining-out occasions, shoppers are also making more frequent visits to grocery stores even as they purchase less each time — all in an effort to capture savings after years of high food inflation,” Bloomberg said, citing an earnings call from Pilgrim’s Pride, the second largest US producer of poultry meat.
Increasing demand for poultry products in the deli and freezer aisle helped Pilgrim’s Pride report its best third-quarter earnings per share in history, sending shares rocketing to new record highs.
Pilgrim’s Pride CEO told investors,”Deli remained the fastest-growing category in retail.” He added that its deli chicken volumes were up nearly 6% from one year ago.
“During times of pocketbook pressure, chicken sales always shine,” Ann-Marie Roerink, principal at San Antonio-based 210 Analytics LLC, told Progressive Grocer in August.
Despite the latest consumer data showing confidence has surged, many folks are plagued with insurmountable credit card debt and drained personal savings – just to afford Biden-Harris’ inflation storm.
Inflation pressures have undoubtedly pushed more poultry products into the grocery carts of American consumers as a protein staple—this is because poultry is more affordable than beef.
The latest data from the USDA shows that average retail ground beef prices continue to surge.
In other words, Chicken is winning the affordability game among consumers.
Also, the food inflation storm will not be solved anytime soon. Households need to plan for backyard chicken coops, honeybees, gardens, and buying local to offset skyrocketing grocery bills and avoid the toxic food processing industrial complex.
Tyler Durden Fri, 11/01/2024 – 11:00
Source: https://freedombunker.com/2024/11/01/supermarket-trends-pocketbook-pressure-increases-chicken-demand-as-consumers-seek-savings/
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