Robust job and wage growth will bring more people to grocery stores before the NFL's biggest game, analysts say
The economy is looking good—even better than economists expected. And—in addition to that being good news for consumers and investors all around—that means people will spend more on wings, chips, dips, and drinks for the Super Bowl, according to Wells Fargo $WFC.
The NFL game is set for Feb. 11 between the Kansas City Chiefs and the San Francisco 49ers. “Expect packed grocery stores, restaurants, and sports bars,” wrote analysts in a report Thursday (Feb. 1).
The expected higher game day snack spending is due to a couple of economic indicators in particular. For one, the US labor force grew in January, with 2.4 million more workers hired by companies than the same month last year. At the same time, workers are making about $1.28 an hour more on average than they did in January 2023. The “impressive” wage increases and the “touchdown in job growth” last month mean Americans have more to spend on food, the Wells Fargo experts noted.
Groceries are also more affordable than they were last year. Food inflation has come down quite a bit—from 10% at the beginning of 2023 to just 2.7% at the end of the year. Grocery prices, especially, have moderated. Inflation for food consumed at home is now just 1.3%.
🍗 Opt for chicken wings: Fresh chicken wing prices in January were 5% lower than they were last year, and frozen wing prices fell even more (11%). Both are a little over $3 per pound.
🥤Get the 2-liter soda bottles: 12-ounce canned soda drinks are about 60 cents more expensive on average than they were at the end of 2022, while 2-liter bottles have gotten cheaper.
🍤 Buy shrimp instead of steak: Shrimp prices in January were down 6.4% from last year, at $8.84 per pound. Meanwhile, steak and ground beef are still pricier than they used to be, averaging $9.35 and $4.25 per pound, respectively. “While prices have eased from these highs, they are still at a substantial increase over beef prices for the 2023 Super Bowl,” wrote analysts.
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