Compared to one month ago, the amount that consumers indicated they were willing to pay for a set selection of foodstuffs was up sharply across the board, according to Oklahoma State University’s most recent Food Demand Survey. This, after the amounts they were willing to pay dropped almost universally in November.
In December, the survey’s willingness-to-pay (WTP) for steak saw the largest percent increase among red meat products compared to one month ago, up 16.46 percent. Consumers indicated they were willing to pay 22 percent more for chicken wings than a month ago.
The WTP for chicken breasts, pork chops and deli ham, while up month-over-month, were lower than one year ago.
This after willingness to pay for a variety of proteins, and grains and pasta as a point of comparison, dropped across the board from October 2017 to November. Last month, researchers noted that WTP levels for nearly all food products were the lowest in November 2017 since the survey began tracking the data in May 2013.
In other measures, expenditures on food eaten at home increased 0.37 percent in December over one month ago, and expenditures on food purchased away from home remained unchanged. Looking ahead, consumers expect a slight decrease in chicken prices and a slight increase in beef and pork prices compared to expectations as measured one month ago. Still, consumers plan to buy more beef and pork compared to last month, and plans to dine out also increased compared to last month.