When retail prices for any consumer product reach record-high levels, a corresponding drop in demand usually materializes in short order. However, according to CoBank, beef seems to be one of the exceptions. While retail beef prices have risen sharply in recent years, demand has not softened. In fact, USDA data shows the all-fresh retail beef demand index climbed to its highest level in at least 25 years during the second quarter.
New research from CoBank’s Knowledge Exchange indicates this likely is a result of several factors currently shaping consumer food-buying behaviors.