What do consumers want when it comes to the beef they purchase?
Elliot Dennis is a livestock marketing and risk management professional with Nebraska Extension. He says producers do want to make an environmentally-friendly product, but a lot of factors are swaying consumers’ decisions.
“Really starting in June, we started to see people really start to change their spending patterns from buying smaller packets to buying fewer items and even a little bit of switching between products. So, when we talk about potential pitfalls for the beef industry moving forward, I think that inflation, that consumer income that they have to purchase beef, is really going to be the largest factor. And if that happens, we really need to look at sort of price risk management that prevents downward price movements, such as CME put options or the livestock risk protection program, which functions like a price floor,” said Dennis.
Dennis adds when it comes down to it, consumers tend to choose the value.
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