Despite turkey prices rising 23% this year, Butterball president and CEO Jay Jandrain argues it'll still be the Thanksgiving 'centerpiece,' not a chicken substitute.
But according to surveys performed by Butterball, 85% of respondents who are celebrating Thanksgiving this year plan on buying turkeys, the CEO noted.
Butterball president and CEO Jay Jandrain said he's"not seen any data at all" that suggests more Americans are switching to chicken for Thanksgiving with turkey prices too high, on"Cavuto: Coast to Coast" Monday, November 21, 2022. "I've not seen any data at all around the chicken substitution for turkey," Jandrain said. "So we certainly aren't expecting a change there. And we know that we're shipping a lot of turkeys this year, more so than last year, actually, and some survey work that we've done here in stores recently shows very few of our turkeys left. So it looks like sell-through is good.
Earlier this month, economists signaled that it may be more affordable for Americans to eat out on Thanksgiving this year, rather than cooking at home, in aTurkey prices alone are projected to rise as high as 23% compared to the fourth quarter last year. Meantime, the price of eggs, which were also been, have already risen 32.5% while butter and flour have risen 25.8% and 17.
Butterball’s CEO admitted the company has been actively facing inflation pressures, but that operations "bear the brunt of" rising costs – not consumers.
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