A Gourmet Kind of Recession
photo credit: lepiaf.geo
With what many are calling a full-scale recession in effect, it’s no surprise that people are pinching pennies and saving in anyway they can. The food industry hasn’t been immune to the world’s new penny-pinching mentality. Major decreases in people eating out are nothing short of catastrophic for restaurant owners everywhere. Call it the ‘latte’ effect; Money gurus everywhere are advising people to cut back spending on those things that aren’t ‘necessities’. This includes foregoing that delicious daily Nonfat Vanilla Latte’ from Starbucks, as well as not dining out at those favorite culinary delights. No more stopping for that daily cupcake from your favorite baker, or even exploring your favorite artisan bread from your local bread genius.
These little luxuries for many foodies and gourmets have been something that many of them just cannot give up. No matter how hard they try, they’ve become accustomed to the finer things in life. Better foods, wines, and coffees have become he norm.
What’s a foodie to do?
Make Your Own!
People everywhere are showcasing their finer tastes by actually learning to prepare and stock these fine culinary treats in their own homes, instead of buying them elsewhere. Deals can be found in the gourmet market, you just have to know where to look. Call it recession comfort eating, call it boredom, people are taking note of their favorite recipes and re-creating them in their own homes, and on their own terms.
The Seattle Times Says:
The recession may have hit Seattle gourmets in the pocketbook, but they haven’t let it hit their taste buds.
Food lovers continue to consume luxury and specialty items, and in some cases that consumption has increased. Some things, such as high-end chocolate, are recession-proof.
“I think it is sort of a comfort food, and on the scale of luxury items, it is on the lower end,” said Debra Music, vice president of sales and marketing for Fremont-based Theo Chocolate. “People will definitely still eat chocolate.”
Frank Schuck, specialty coordinator for Whole Foods, says customers are more price conscious, but becoming more adventurous to get more flavor for their buck.
“We’re seeing an increase in items like pate and robust cheeses, blue cheeses, washed-rind cheeses,” Schuck said in an e-mail. “With these items a little goes a long way.”
More than 50 percent of specialty foods are bought at supermarkets, according to a study by the National Association for the Specialty Food Trade and Mintel International.
Consumers may be saving their money, but cravings are tough to resist.
photo credit: net_efekt
Consumers in the western United States are 13 percent more likely to buy specialty foods than the rest of the country, according to the National Association for the Specialty Food Trade study. And sales of gourmet and specialty foods have been growing faster than the overall industry for the past five years, according to consumer research firm Packaged Facts.
That’s not to say the world of haute cuisine has escaped the economic slowdown unscathed. Connoisseurs have changed their habits, but haven’t lowered their standards.
A recent Harris Poll funded by Whole Foods found that 51 percent of respondents are eating dinner at home more, but 76 percent won’t compromise of food quality no matter the price. The National Association for the Specialty Food Trade study found that 82 percent of people are cooking more at home.
Restaurants’ losses are grocery and specialty stores’ gains. And the stores are catering to price-conscious foodies.
“In our own retail store we are mindful of having lower-priced items,” Music said. “We’ve worked on four-piece boxes and eight-piece boxes.”
Music said a line of lower-priced items took off as the economy soured, especially in the brand’s national distribution. Theo, as a result, has been a success story in a time when many small businesses are struggling to stay afloat.
“We have shown really big growth this year,” Music said. “We are very grateful for that.”
Growth during a recession? Desperate times call for extra chocolate
4Q9TRJWFVH7M
