But Beef Is Overpriced in Supermarkets Survey Says
July 15, 2016: According to a recent supermarket survey by Couponbox.com, a rapidly growing coupon portal, Wegmans has the best average prices on USDA Choice and Prime cuts of steak, at $14.50 per pound. The survey collected and compared the prices of the six most popular cuts of steak at 15 major online and brick-and-motor shops that sell beef.
Behind Wegmans in beef steak prices were FreshDirect and Lowes Foods, with average prices at $14.75 and $15.55 respectively.
Although Wegmans had the best average price on steaks, the survey revealed that supermarkets in general are overpriced compared to the average retail cost of beef. According to the Bureau of Labor Statistics (BLS), which keeps track of the average retail prices of food across the nation, the average cost of a USDA Choice sirloin steak is $8.68 per pound. That’s about 40 percent lower than the average price of steak at Wegmans.
While the Couponbox.com survey included both Choice and Prime cuts, and the BLS data reflects Choice cuts only, the 67 percent difference in average cost is a clear indication that supermarkets mark up their beef products considerably more than other steak retailers.
Neither the study nor the BLS data indicate where beef steaks are available at the national average price. Presumably, however, these prices are found at local traditional butchers and meat markets which do not have the national reach and online presence of major supermarkets like Wegmans.
Marco Piu, general manager at Couponbox.com had the following statement to offer when asked about the price discrepancy: “Finding the best prices on any product is always a matter of knowing your market. In this case, beef-lovers know where to find the best prices on meat because they are constantly connected to that market.”
“The value of the beef survey comes from the fact that not everyone is a beef expert. Since special retailers like meat markets and butchers often do have the best prices, shoppers may not have enough time to get the best price on every item. Therefore, knowing which supermarket has the relatively best price on a particular item, in this case beef, can help us decide which one to visit on any given grocery trip, minimizing the time we spend on shopping,” Piu concluded.
Other results of the survey were that the Northeast region of the US has the highest average prices on sirloin steak ($9.11 per pound) and the West region has the lowest ($8.32). Interestingly, the average price of ground beef is most expensive in the West ($4.02 per pound) and cheapest in the Midwest ($3.26).
If you’re interested in saving money on beef, get grilling tips and other savings advice on Couponbox.com.
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<p><img src="https://www.couponbox.com/press/wp-content/uploads/2016/07/Dont-Burn-Cash-on-Your-Grill-Facts.png" title="Wegmans Has the Best Prices on Beef Steaks, But Still Overpriced" /></p><p><a href="https://www.couponbox.com/press/wegmans-best-beef-prices">Wegmans Has the Best Prices on Beef Steaks, But Still Overpriced</a></p>