Supermarket Perimeter - August 2022 - 63

Inflation continues to
dampen seafood sales
As seen since this spring, high prices on fresh
seafood continue to dampen sales. Inflation on
overall fresh seafood rose 10.9% on average per
unit in June, according to IRI and 210 Analytics.
The average price for finfish jumped to above $10
per unit, an increase of 21.3% versus June 2021.
In response, fresh seafood sales plunged 13.3%
to $502 million, more than the deceleration of
11.7% seen during the entire second quarter, 210
Analytics Principal Anne-Marie Roerink said.
In the second quarter,
overall fresh seafood prices
deals " that are featured on TV, text message, social media, weekly ads
available online, and in stores.
" The majority of consumers are now being forced to focus on
necessities and make their dollars stretch, just so they can afford the
most basic of staple items, whether that be milk, butter, and grains,
as well as proteins like eggs, poultry, pork and beef, " wrote Hy-Vee
Executive Vice President, Chief Merchandising Officer, and Chief of
Staff Donna Tweeten in the advertorials. " We need to do everything
in our power to keep prices down and provide the very best value,
especially when it comes to the rising costs on those most basic
essentials. "
Meanwhile, Bellevue, Wash.-based QFC is now utilizing more " percent
off " or BOGO sales, " which customers seem to respond to, " said Adam
Branin, meat and seafood merchandiser. " We also lean into digital
coupons as well, which have been successful. "
Unfortunately, fresh seafood sales have fallen more dramatically
than fresh meat, according to Branin, which QFC's seafood sales down
around 10 percent in sales and volume versus last year.
" I could have chipped away about half of that had I gained some retail
inflation by raising retails as fast as costs have increased. However, I've
been weary to go up too high too fast and have not passed on all cost
increases to my customers in hopes of keeping folks shopping in the
department, " Branin noted.
supermarketperimeter.com
jumped 12.2% to $9.47
per unit on average.
The average cost of tilapia rose 40.2% in the
quarter, while catfish prices jumped 22.7%, tuna
prices ramped up 22%, scallop prices increased
18.5%, cod prices rose 18.4%, and salmon prices
increased 17.6%.
While seafood inflation is steep, inflation
across the grocery store is largely to blame for
the change in consumers' buying decisions,
Roerink said.
" The rate of inflation is still accelerating for most
areas in the store, including seafood, ticking up
by about half to a full percent every month. I
believe it is this total pressure on income that is
hurting seafood sales, in addition of course, to the
inflation seen within seafood itself, " she said.
AUGUST 2022 - 63
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Supermarket Perimeter - August 2022

Table of Contents for the Digital Edition of Supermarket Perimeter - August 2022

Supermarket Perimeter - August 2022 - Intro
Supermarket Perimeter - August 2022 - INLINEa
Supermarket Perimeter - August 2022 - INLINEb
Supermarket Perimeter - August 2022 - 1
Supermarket Perimeter - August 2022 - 2
Supermarket Perimeter - August 2022 - 3
Supermarket Perimeter - August 2022 - 4
Supermarket Perimeter - August 2022 - 5
Supermarket Perimeter - August 2022 - 6
Supermarket Perimeter - August 2022 - 7
Supermarket Perimeter - August 2022 - 8
Supermarket Perimeter - August 2022 - 9
Supermarket Perimeter - August 2022 - 10
Supermarket Perimeter - August 2022 - 11
Supermarket Perimeter - August 2022 - 12
Supermarket Perimeter - August 2022 - 13
Supermarket Perimeter - August 2022 - 14
Supermarket Perimeter - August 2022 - 15
Supermarket Perimeter - August 2022 - 16
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