Consumers’ willingness-to-pay (WTP) decreased for all food products, including meat, during February, according to Oklahoma State University’s Food Demand Survey. The WTP for chicken wings, pasta and beans and rice experienced the largest percentage decline from January.
For steak, consumers’ WTP is 11.4% below year-ago, while WTP for chicken breast is down 1.7% from the previous month, but still 3.6% higher than year-ago.
The survey states that expenditures on food eaten at home increased 2.8% from January to February and expenditures on food purchased away from home increased 2.78%. “Consumers expect lower beef, chicken and pork prices compared to one month ago,” it states. “Consumers plan to buy less chicken and pork compared to last month, but purchasing plans for beef remain similar to January.”
