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This Week in Retail: Busy Shoppers Seek Convenience; Inflation Eased in October
Busy shoppers are increasingly seeking convenience during the hectic holiday season. This typically increases sales at food service and boosts interest in the prepared and frozen sections at retail.
The meat case is receiving lots of attention, too, as grocers heavily promote traditional holiday items including ham and turkey.
The National Retail Federation expects overall holiday spending this year to perform well despite ongoing inflationary pain points. The NRF projects holiday retail sales during November and December to grow between 6% to 8% year-over-year. Last year's holiday sales hit a new high at $889.3 billion, lifted in part by pandemic spending.
This week in retail, pork features climbed to the number one spot in retail buying opportunities with 23.2%. Beef closely follows with about 22%. Turkey features have swelled to 19.1%, compared to just 6.4% the week prior. Chicken ads chime in at 13.7%, while egg features have seen a slight uptick to...
This Week in Retail: Protein Indices Are Above 3-Year Average; CPI Data Released
In the face of ongoing inflationary pressures along with animal disease issues impacting the protein industry, wholesale beef, pork, and poultry prices continue to reside at or challenge all-time highs.
In the retail red meat complex, Urner Barry’s weekly retail feature beef index this week averages $6.34 per pound, down $1.02 per pound from a week ago but 6 cents per pound above the 3-year average.
The boxed beef market is currently moving mostly sideways but has dipped to 52-week lows in recent days. Despite this, Urner Barry's Choice and Select cutouts remain at near seasonal all-time highs, second or third to 2021 and 2014....
This Week in Retail: Seafood and Beef Lead Father's Day Ads
Feature ads for grilling favorites including steaks, chops, and ribs are abundant ahead of Father’s Day.
Seafood and beef lead Urner Barry's retail activity index this week, claiming 31.5% and 29.3% of ad space, respectively. Pork comes in with 23.6% of ad space and chicken features make up 9.3%. Egg features are up slightly from the week prior at 4.1%.
Fresh/frozen filets make up the bulk of seafood ads at 30.5%. Cod is featured at $10.27 per pound on average, up 59% from last year. 4 oz. lobster tails run $29.58 per pound, up from $23.96 per pound in 2021...
NRF Chief Economist Says Inflation Isn’t Hitting Everyone the Same, but Will Still Play a Key Role
Inflation is at a 40-year high but isn’t hitting all consumers as hard as top-line numbers might suggest, National Retail Federation Chief Economist Jack Kleinhenz said today. Nonetheless, consumer worries about rising prices could become self-fulfilling if workers demand higher wages to compensate and will play a role in the Federal Reserve’s efforts to bring inflation under control.
“After decades of relatively low levels, inflation is on everyone’s mind and has been making consumers and businesses..."
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