Ha! Davos by other means.*
Peasant, one way or another, you will eat lower on the protein pyramid. However, just this once, you may sniff my ribeye.
From MarketWatch, June 23/25, 2022:
The rise in the cost of living has prompted people to cut down on meat, and eat out less
Inflation is changing how and what people eat.
More than half of consumers say they have changed their eating and drinking habits to manage the rising cost of living, according to a new survey by global intelligence company Morning Consult.
Cutting back on trips to restaurants and bars is the most common change, accounting for roughly eight in 10 people. Some 72% of people who said they have changed their shopping habits reported they had cut down on their meat purchases, Morning Consult said.
Among those who reported changing their eating habits, nearly half said they were buying more pre-packaged or frozen food to mitigate the higher costs, and over half reported they had stopped buying organic produce.
Consumers will usually cut their restaurant spending in response to high inflation, but as financial pressures deepen, they change their supermarket habits too, said Darren Seifer, food and beverage industry analyst with The NPD Group.
U.S. inflation hit a 40-year high in May, with prices increasing 8.6% compared to a year ago, according to the latest consumer price index. Shoppers who paid 2021 prices would have gotten 43% fewer eggs than the same time a year ago, and 15% fewer oranges, according to the Bureau of Labor Statistics.
In tough economic times, consumers start cutting back — switching to store brands or generic products that are cheaper than big-name brands, buying smaller sizes, and buying chicken instead of beef, Seifer said. He said they also utilize coupons and deals more.
Analysts said that lower-income consumers are the ones most likely to trade down for cheaper products because they spend more of their budgets on food and energy and feel the impacts of rising costs for those items. At the same time, rising prices have also taken a toll on middle-income consumers, as the big-box retailers where they’re likely to shop have increased prices....
Re: the message of the story, Michael's Minions were on top of it three months ago:
Helpful Inflation Hints From Bloomberg For People Who Make Less Than $300K
From B.O.:
Unfortunately, as the billionaire a16z co-founder brought to our attention in "Update To Bloomberg's Handy Inflation Hints From Marc Andreessen", the price of lentils had more than doubled in the year preceding the Bloomberg tweet.
