Consumers Still Eating Meat, Mixed February Report

The latest Meat Demand Monitor released on February 29, 2024, offered a mixed result, according to Kansas State University Extension Livestock Market Economist Dr. Glynn Tonsor.

“In a summary on demand in February compared to January is domestic retail, so think grocery store for at home consumption, demand was up for six of the eight evaluated products, which is great. Conversely, we'll look over to food service, February demand for dinner meals, away from home, compared to January was lower in all eight examined cases.”

Tonsor added that the vast majority of the public continues to report that their finances are either the same or worse from a sentimental perspective.

“The typical person is concerned about their finances, and it is important to clarify that sentiment is not the same as bottom-line. They tend to be very related, but you can have a break-even or get slightly ahead from an accounting perspective, but you still don’t’ feel comfortable, or you are not optimistic that things are going to get better, therefore your sentiment is going to be eroding.”

Consumers are still buying beef, Tonsor added, but many are switching to less expensive cuts at the grocery store and when ordering at restaurants.