Jaewon Kang
speaker
95 appearances
3 recordings
1 series
first heard Dec 2019
last heard Feb 2023
Jaewon Kang’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah, so there's a lot to consider for retailers when it comes to pricing.
They look at prices given to them by suppliers.
They also look at how much competitors are selling products for, you know, how much funding they have to put items on sale.
And of course, if it's a type of food that people are really price sensitive to.
So depending on what suppliers offer as list prices for their products, retailers will then decide what price tags will be and sell products after that.
They're asking them to help the company lower prices because they are starting to hear that costs are starting to come down and they want the retail prices, which are the prices that consumers see, to reflect that.
You know, grocery prices have been high.
The Labor Department said grocery prices went up by almost 12% in December compared to a year ago.
There is still inflation.
It's just prices are still rising.
It's just that the pace has slightly slowed.
And, you know, various staples like eggs remain pretty expensive.
So...
What you're seeing from consumers who have been experiencing price increases for well over a year now is that they are responding.
So they've been looking for sales, buying cheaper items.
Sometimes they're purchasing fewer items.
So as people sort of change their shopping habits, companies are facing a little bit more pressure to offer value so they can hold on to their customers.
Yeah, so they've said that they want to focus more on promotions this year and hold sale events.
And they're doing this as inflation continues to affect their customers.
So food companies, they have been raising prices because of higher costs of labor, transportation, and energy.
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