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With Food Prices Rising, Consumers Pull Back on Other Retail Spending, Reports NPD
Pre-holiday declines in general merchandise sales emerge as grocery spending continues to rise
U.S. general merchandise retail sales revenue declined during the three weeks ending November 5, 2022. Year-over-year sales revenue in October fell 5% below a year ago, followed by a 14% decline in the first week of November. Several factors contributed to declining sales, with the rising cost of living at the forefront, according to The NPD Group, which recently merged with Information Resources, Inc. (IRI) to create a leading global technology...
NRF Says Strong Consumer Fundamentals Counter Inflation and Interest Rates in Holiday Forecast
The National Retail Federation balanced high inflation and rising interest rates against strong consumer fundamentals as it developed its 2022 holiday spending forecast, Chief Economist Jack Kleinhenz said today.
“There are many factors impacting our holiday forecast, but business conditions are generally positive as consumer fundamentals continue to support economic activity,” Kleinhenz said. “Despite record levels of inflation, rising interest rates and low levels of confidence, consumers have been steadfast in their spending and remain in the driver’s seat. The latest figures show the economy..."
Foodservice Update Q3 2022: Revisiting Growth Perspectives
The writing is on the wall: economic growth is in jeopardy due to macroeconomic challenges around the world. From severely high natural gas prices in Europe, which affect everything from fertilizer prices to milk powders, to a housing crisis, and continued partial lockdowns in China. Coupled with rising interest rates, softening equity markets, and negative real wage growth, consumer confidence surveys unsurprisingly outline a worsening outlook for demand. It is likely that the US and Europe will both be entering a recession over the next 12 months.
In Europe and the...
Rabobank: Beef Quarterly Q2 2022
The first signs of softening consumer confidence are apparent in most markets, with wholesale prices for beef coming under pressure even though production costs are higher. A downward adjustment of cattle prices and upstream input costs will be needed to restore processor margins and to maintain beef’s competitiveness with consumers. We expect ongoing adjustments of consumption and margins in all markets as we head into Q3 2022.
Meanwhile, lockdowns in China and biosecurity risks in Indonesia pose notable implications for trade. Lockdowns of major Chinese cities are further constraining beef demand and restricting foodservice sales...
Rising Inflation, Relentless Pandemic Dampen U.S. Consumer Confidence
U.S. consumer confidence dropped to a nine-month low in November amid worries about the rising cost of living and pandemic fatigue, but that did not change expectations for stronger economic growth this quarter.
The survey from the Conference Board on Tuesday showed consumers less enthusiastic about buying a house and big-ticket items such as motor vehicles and major household appliances over the next six months, likely because of shortages, which have boosted prices. Consumers held strong views of the labor market, with the gap between those saying jobs are plentiful...
Protein Markets Contend with More Than Just "Seasonal" Issues Heading Into Q4
ANALYSIS: Shell Egg Prices Crack New Record Highs Amid Strong Demand, Depleted Inventories
This Week in Retail: Seasonal Trends Start to Shift
Urner Barry Releases September Soy & Wheat Report
Urner Barry Releases September Pulse Protein Report