Supermarkets say that shoppers are seeking out lower priced options in the meat case due to rising prices and as a result they’re securing cheaper meat products, the Wall Street Journal reports.
Consumers are opting for more private label meats and trading down from beef to chicken or pork, after the price of steaks like rib-eye have risen about 40 percent from a year ago, according to IRI.
“Everybody is trying to find something that fits within their wallet,” Carey Otwell, director of meat and seafood at Mitchell Grocery Corp., told the Wall Street Journal. The Alabama-based chain has been selling more ground beef and fewer middle-meat cuts such as strip steak and rib-eye steak, he said.
Manufacturers and retailers have said consumers have been willing to spend on groceries even as prices rise because they are cooking more at home and spending less at restaurants. But it’s a different story in the meat section where price increases have been the highest. Full Story (Subscription Required)
Related: Food Costs Face Inflation; Meat Sales Increase Due to Pandemic.