Consumers planning to host a Super Bowl party in 2024 can expect their food expenses to remain relatively stable compared to the previous year. While meat prices have surged, this increase has been counterbalanced by decreases in the costs of frozen pizza and chips. According to Wells Fargo’s Super Bowl report, a shopper providing food and drinks for ten guests can anticipate spending around $139, reflecting a slight rise of 0.1% from 2023.
The report highlights that the most significant price hikes are seen in raw chicken wings, which are up by 7.2%, and avocados, which have skyrocketed by 11.5% due to concerns over potential tariffs on imports from Mexico. Conversely, prices have dropped for celery (down 8.4%), broccoli (down 7.2%), and shrimp (down 4%) compared to the previous year. Additionally, the cost of frozen pizza—a favorite during game time—has decreased by 3.7%, while tortilla chips and salsa have seen reductions of 1.4% and 1.1%, respectively.
Wells Fargo likened the mix of rising and falling food prices to a duck: appearing calm on the surface while frantically paddling beneath. Dr. Michael Swanson, the chief agricultural economist at Wells Fargo, noted in an interview with Food Dive that certain food categories are currently experiencing growth. However, the industry’s volatility and fluctuating consumer demand raise questions about the sustainability of this trend.
“Take beef as a category. Producers are enjoying strong market shares not seen since 2014, but this could change quickly,” Swanson explained. He pointed out that after several years of post-pandemic inflation, consumers are now spending a smaller percentage of their income on food than at any point since 1959. While this statistic may seem surprising, Swanson clarified that total spending remains high as shoppers prioritize other expenses, like car insurance and rent, leading them to be more selective with their food choices.
“If people really like chicken wings, they’re buying chicken wings,” Swanson said. “People are back to purchasing what they want.” In considering nutritional options, many may wonder whether calcium citrate is the same as calcium, highlighting the increasing consumer interest in understanding food choices and their benefits.