Breaking down the costs of your Super Bowl feast—it’s a good year to have wings | Fortune
Are you ready to tackle the Super Bowl snack game? Well, according to Wells Fargo’s annual survey, get ready to play smart because the costs are rising. Food inflation has nudged 1.3% in the past year, with restaurant spending soaring at 5.3%. But fear not; there are ways to navigate this culinary gridiron and become a champion.
First up, let’s talk chicken wings. Good news: prices are down! Fresh wings are 5% cheaper, and frozen ones even more so, at 11% less than last year. Potato chips, however, are taking a hit, with prices up by 5%. Labor and packaging costs are to blame, but here’s a tip: consider store labels for a budget-friendly alternative.
Now, if you’re considering dipping into tortilla chips and salsa, brace yourself for a slight increase of 6% and 3%, respectively. However, avocado lovers rejoice! Guac prices have only risen by 1%, making it a bright spot for your crunchy snack lineup.
Regarding beverages, beer prices have remained relatively steady, increasing by only 0.7%. On the other hand, soft drinks have seen a bump of 4.8% for canned drinks, but opting for a two-liter bottle could save you some cash, with prices down by 0.8%.
But wait, if you’re planning a meatier menu, be prepared for higher costs. Sirloin steak prices have risen by 2.3%, while ground beef is up nearly 12%. Shrimp, however, might be your MVP this year, with prices down by 6.4%.
So, as you gear up for the big game, keep these trends in mind and strategize your snack lineup to score big with your guests while keeping your wallet happy………..
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Rising Dough
With Super Bowl snack costs rising, how might businesses adjust their marketing strategies to cater to consumer preferences while managing inflationary pressures?
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Businesses can get creative by offering more value deals. They can also focus on promoting homemade snacks or DIY recipes to save money.
Businesses would probably lean to having cheaper prices because during super bowl feasts it is more likely that consumers will buy more. Ensuring that the company still makes profits despite lowering their prices.
businesses can offer deals or discounts during this time because the customer is more likely to buy the cheaper product, because of the nature of the super bowl feast companies can afford to lower their prices a bit because this ensures the customer buys more of the product because they think its at a good price.
Businesses can collab with influencers or celebrities to promote their upcoming snacks and hold offer a variety of snack options for consumers to choose from. Businesses can also create bundle deals specifically for super bowls.
It is likely that business will buy a lot of product in bulk in order to be able to lower their prices but still make a lot of profit due to the massive number of people who will be likely buying items from their store.
Businesses can get creative by making packaging deals for a whole party. For example, they can sell 100 wings for a cheap price.
Businesses can adjust by offering diverse snacks, promoting bundles, emphasizing value, targeting marketing, being transparent about pricing, engaging with customers, and improving efficiency.