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The Retail Rundown: Higher Priced Steaks This Father's Day
Heading into Father's Day weekend, beef features climbed to the top spot with 29.6% of total retail buying opportunities. Pork followed with 26.2% of total protein ad space. Seafood features came in at 23.3%, while chicken features account for 13.2%.
According to the National Retail Federation and as reported by Urner Barry’s Ryan Doyle, spending for Father’s Day this year is expected to reach a record-high $22.9 billion, up from last year’s $20 billion. The previous record was held by 2021 at $20.1 billion...
Father’s Day Spending Expected to Break Records
According to the National Retail Federation (NRF), records will be broken this Father's Day.
A survey from the NRF and Prosper Insights & Analytics showed that spending for Father’s Day would reach a record-high $22.9 billion, up from last year’s $20 billion and well over the previous record of $20.1 billion hit in 2021.
“Father’s Day remains a momentous occasion for Americans to honor the important men in their lives,” NRF President and CEO Matthew Shay said. “Consumers plan to celebrate the holiday in a big way this year, and...
Jumping on June's Next Retail Occasion
Now that June is within reach, grocers are preparing for the next major grilling event—Father's Day, which is just over two weeks away.
Consumers often seek out premium cuts of meat like steaks for Father's Day as opposed to lower-cost options such as burgers, which are typically favored to feed large gatherings during Memorial Day.
This could provide a needed boost for the steak complex, which saw a slowdown in total sales dollars last week. According to the latest Circana data, fresh beef loin retailed at $13.54 discounted (up 39 cents from last week)...
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