Inflation is expected to be one of the biggest macroeconomic trends impacting chicken consumption this year.
"Prices and goods for services have been rapidly rising. This is what economists refer to as inflation. For some millennial and Gen Z consumers, this is the strongest inflation they’ve seen in their lifetime,” Brian Earnest, lead economist, animal protein, CoBank, explained.
“After several years of chaos, the markets have really changed and folks have fluctuated their purchasing behaviors. The expectation this year is that economic conditions and other forces will play a role in consumer purchasing behavior,” he added.
Earnest will discuss how chicken demand changes in an inflationary world and share thoughts on other macroeconomic trends impacting chicken consumption at the 2023 Chicken Marketing Summit.
Registration is now open with early savings available.
Spending habits under scrutiny
“What we’re seeing early in 2023 is that consumers are taking a little bit closer look at their spending habits,” Earnest said.
These changes weren’t as apparent in 2022, even as prices began to rise. A large part of this was because consumers prioritized eating out after two years of staying in during the COVID-19 global pandemic.
2023 is a different story when it comes to consumer behavior.
“They’ve started looking at how can I save more money on my goods every day. Folks are starting to look at how they can drive those expenditures down this year,” he said.
Attend the 2023 Chicken Marketing Summit
The 2023 Chicken Marketing Summit will be held at Hotel Effie Sandestin in Miramar Beach, Florida on Monday, July 31 – Wednesday, August 2, 2023. Serving a unique cross section of the chicken supply chain, Chicken Marketing Summit explores issues and trends in food marketing and consumer chicken consumption patterns and purchasing behavior. Registration is now open with early savings available.
Submit your free nomination for Chicken Marketer of the Year.
For more information and to attend, visit: www.wattglobalmedia.com/chickenmarketingsummit/.
