Mintec Releases "Christmas Dinner Index 2023" Report

Consumer Spending in U.S. Restaurants Continued to Rise in November

Household spending is being supported by consumers' positive sentiment about their local economies.

Restaurant sales rose steadily in recent months, as resilient consumers maintained their willingness to spend on experiences.

Eating and drinking places* registered total sales of $94.7 billion on a seasonally adjusted basis in November, according to preliminary data from the U.S. Census Bureau. That was up a solid 1.6% from October’s upward-revised volume of $93.2 and represented the ninth consecutive month of sales growth...

Mintec Releases "Thanksgiving Dinner Index 2023" Report; Read It Here

Mintec enables the world's largest food and manufacturing brands to implement more efficient and sustainable procurement strategies. We do this through our cutting-edge SaaS platform, Mintec Analytics, which delivers market prices and analysis for thousands of commodities, food ingredients and associated materials. Our data and tools empower our customers to understand prices better, analyze their spend and negotiate with confidence.

Mintec’s latest report, “Thanksgiving Dinner Index 2023,” is a look at the components that make up the traditional holiday dinner...

Census Says Retail Sales Grew Year Over Year in October But Growth Continued to Slow

Retail sales kept up a long streak of year-over-year gains in October even though the rate of growth continued to slow, National Retail Federation Chief Economist Jack Kleinhenz said in response to the U.S. Census Bureau’s release of monthly retail sales data today.

“Fourth-quarter consumer spending stepped off on a more moderate pace, as expected,” Kleinhenz said. “The staying power of the American consumer has been the story of 2023, but financial conditions have...

Where Are Commodities Prices Headed?

Individuals investing in commodities haven't had a smooth ride over the past few years.

U.S. crude-oil futures briefly turned negative during the height of the pandemic in 2020 before rebounding to more than $82 a barrel recently. World food prices reached their highest level on record last year, in part as the Russia-Ukraine war spooked markets, but have fallen back more recently. And commodities from lumber to copper rode high and then fell, as global inflationary pressures and recession concerns drove trading.

So what happens next...

Circana Research Reveals 79% of Americans Will Celebrate Thanksgiving with Their Usual Traditions

Circana™, the leading advisor on the complexity of consumer behavior, today released its first Thanksgiving Tracker, offering vital insights into anticipated consumer behavior and purchasing trends for 2023 and looking back at similar trends from 2022. This comprehensive analysis will enable manufacturers, retailers and media organizations to make more informed decisions about merchandising and promotions to drive growth and profitability during the Thanksgiving season.

The week prior to and the week of Thanksgiving are critical sales drivers, although consumers also shop early for spot deals...

Sprouts Farmers Market, Inc. Reports Third Quarter 2023 Results

Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week third quarter ended October 1, 2023. "We are pleased to report another solid quarter at Sprouts, with continued increases in both traffic and comparable store sales," said Jack Sinclair, chief executive officer of Sprouts Farmers Market. "Our results signal the alignment of our 31,000 team members across merchandising, marketing, supply chain, and operational initiatives-- propelling our strategy forward."

Third Quarter Highlights:

• Net sales totaled $1.7 billion; a 7.6% increase from the same period in 2022...

Record Value for Mexico Fuels August Pork Exports; Modest Rebound for Beef

August exports of U.S. pork were steady year-over-year, led by another tremendous performance in Mexico, according to data released by USDA and compiled by USMEF. Beef exports were well below the large totals posted in August 2022 but showed improvement over July results.

August pork exports totaled 226,519 metric tons (mt), steady with last year, while export value fell 1.5% to $649.5 million. Through the first eight months of 2023, pork exports were 11% above last year’s pace at 1.91 million mt, valued...

American Farm Bureau Federation: Turkey Prices Fall as Thanksgiving Approaches

The cost of purchasing a turkey could be lower this Thanksgiving, thanks to a drop in avian influenza cases and a recovery of the turkey population in the United States. American Farm Bureau Federation economists analyzed turkey and egg prices in the latest Market Intel report, which states the average price for an 8-to-16 pound turkey typically served for Thanksgiving was $1.27 per pound in August 2023, 22% lower than the same time last year.

“The status of HPAI (Highly Pathogenic Avian Influenza) is much...

August U.S. Retail Spending Results Reflect Easing Inflation 

Declining prices contribute to slowing growth in food and beverage spending, and back-to-school shopping remains tardy

In August 2023, U.S. retail sales revenue, including both discretionary general merchandise and consumer packaged goods (CPG), remained unchanged compared to the same month last year, and unit sales declined 2%. Discretionary general merchandise spending declines continued with a 5% decline in dollar sales and 7% drop in unit sales compared to last August. CPG spending gains slowed slightly from last month, with 3% growth in food and beverage, a 2% increase in...

United States Online Food Delivery Market Analysis, Size, & Forecast Report 2023

Market Set to Grow by Almost $50 Billion - Growing Integration of AI and Machine Learning Gaining Momentum

The "United States Online Food Delivery Market, Size, Forecast 2023-2030, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.

The United States Online Food Delivery market is anticipated to reach US$ 84.84 Billion in 2030 US$35.36 Billion in 2022, growing at a CAGR of 11.6%

With a wide range of food options from multiple restaurants available at their fingertips, online...

Outstanding First Half for U.S. Pork Exports; Beef Exports Below Record Pace of 2022

U.S. pork exports concluded an excellent first half with another strong performance in June, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). While well below the record pace established in 2022, June beef exports topped $900 million in value, pushing first-half export value to nearly $5 billion.

June pork exports totaled 245,964 metric tons (mt), up 12% from a year ago, while export value climbed 6% to $691.4 million. Through the...

Imports Building Toward August Peak as One Labor Dispute Ends But Others Develop

Import cargo volume at the nation’s major container ports is expected to climb toward an August peak this summer, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates. But even though a tentative contract agreement has been reached at West Coast ports, retailers are closely following labor disputes at ports in western Canada and a potential Teamsters strike against United Parcel Service.

“We were relieved that labor and management at West Coast ports reached a tentative agreement last month...

Consumer Foodservice Spend Returns to Pre-COVID Levels Across Europe

Circana, the leading advisor on consumer complexity that formerly traded as IRI and The NPD Group, today launched its latest results from its CREST service analysis, revealing continued recovery for the European foodservice sector as consumers across five markets return to bars, restaurants and other foodservice establishments. Total spend for the sector is now back to pre-pandemic levels (€308 Bn in 12 months ending May 2023).

Spain is the first country to show spend growth to pre-pandemic...

Outdoor Dining Sees 19% Boost in Early June vs. 2022, According to New OpenTable Data

Summer is here and with it, increased demand for al fresco dining: OpenTable data reveals outdoor dining increased 20% in May and 19% in the first half of June (June 1 – 15), compared to 2022.1

To help diners discover a new favorite patio or rooftop, OpenTable is releasing its annual list of 100 Most Popular Restaurants for Outdoor Dining in America,2 created by analyzing over 13 million OpenTable diner reviews. While the list debuts with the summer season, OpenTable data shows diners embraced outdoor... 

Adoption of AI Will Drive $113 Billion In Value for Grocers by 2025

Grocery Doppio, an independent source of grocery insights and data designed by Incisiv and Wynshop to help grocers jumpstart, accelerate, and sustain digital growth, today unveiled "The Impact of AI in Grocery," the debut report of a strategic new research partnership with FMI—The Food Industry Association. The report is a part of a multi-year program of quarterly insights and community engagement to help grocers navigate new technologies and meet evolving shopper expectations.

The Impact of AI in Grocery
The first report in the research...

Tyson Foods Shares Shed Nearly 16% Following Q2 Loss

U.S. stocks closed mixed on Monday and are lower so far Tuesday as traders continue to digest the recent developments from major corporations including Tyson Foods and S&P 500 company Catalent, Inc. 

The Dow Jones Industrial Average closed 0.2% lower yesterday while the S&P 500 was fractionally higher. The Nasdaq Composite gained 0.08% on Monday but has since turned weaker in early trading action Tuesday. The indices rounded out last week with gains following the latest U.S. jobs data, which showed 253,000 jobs added in April.

Shares of Catalent, Inc. lost over... 

Wingstop Inc. Reports Fiscal Quarter 2023 Fiancial Results

Wingstop Inc. today announced financial results for the fiscal first quarter ended April 1, 2023.

Highlights for the fiscal first quarter 2023 compared to the fiscal first quarter 2022:

• System-wide sales increased 30.4% to $821.6 million
• 37 net new openings in the fiscal first quarter 2023, resulting in an increase in unit count of 11.4%
• Domestic same store sales increased 20.1%
• Domestic restaurant AUVs increased to $1.7 million
• Digital sales increased to 65.2%
• Total revenue increased 42.7% to $108.7 million
• Net income increased 80.6% to... 

Dine Brands Global, Inc. Reports Q1 Same Store Sales and Profit Growth

Dine Brands Global, Inc. ,the parent company of Applebee’s Neighborhood Grill & Bar, IHOP and Fuzzy’s Taco Shop restaurants, today announced financial results for the first quarter of fiscal 2023.

“Dine Brands has demonstrated resiliency in a challenging operating environment, which reflects the strength of our brands and strong execution,” said John Peyton, chief executive officer, Dine Brands Global. “Looking ahead, we will adapt with agility and a guest-first mindset. Dine remains committed to investing in growth, generating cash and creating value for our shareholders.”

Vance Chang, chief...

The Chefs’ Warehouse Reports First Quarter 2023 Financial Results

The Chefs’ Warehouse, Inc., a premier distributor of specialty food products in the United States, Middle East, and Canada, today reported financial results for its first quarter ended March 31, 2023.

Financial highlights for the first quarter of 2023:

• Net sales increased 40.5% to $719.6 million for the first quarter of 2023 from $512.1 million for the first quarter of 2022.
• GAAP net income was $1.4 million, or $0.04 per diluted share, for the first quarter of 2023 compared to $1.4 million, or $0.04...