Why steak sales are soaring in cost of living crisis

It might be one of the most expensive proteins on the market, but sales of steak are booming. SEE WHY AND VOTE IN OUR POLL

Sales of steaks at supermarkets and butchers are booming as Queenslanders ditch a night out for a night in.

Hit by cost of living pressures, consumers are turning to the local supermarket as they try to treat themselves for less at home while restaurants grapple with increasingly cost-conscious diners.

Home cooks can save up to $30 a steak buying eye fillet from the supermarket - where the most expensive cuts typically cost between $25-27 - while ordering one at a high-end Brisbane restaurant could set diners back between $55-65 or even up to $50 at a pub.

“We have seen an increase in the frequency that our customers are buying steaks since the beginning of October,” a Coles spokeswoman said, with premium cuts like scotch fillet and porterhouse proving the most popular.

“This has been driven by not only the summer months when people are naturally outside entertaining and barbecuing more, but we also know that Australians are continuing to cut back on multiple expenses, including going out to dinner.”

Steak sales are booming as Queenslanders ditch a night out for a night in. Picture: Supplied

Woolworths had also seen steak sales soar since December, with its grass-fed options recording the biggest jump compared to the same period the previous year.

“This trend reflects a growing customer preference for high-quality meat products as more households trade dining out for homemade meals,” a Woolworths spokeswoman said.

Australians are still dining out - but new research shows they are looking for ways to spend less at the same time.

According to Lightspeed’s State of the Industry report released this month, 40 per cent of Australian hospitality venues say customers are opting for lower-priced menu items, while 31 per cent said diners were avoiding premium and speciality dishes.

But the report also noted Australians dined out 41 times a year on average in 2024 - a slight increase from 38 times in 2023.

Brisbane butcher Billy Gibson from the coveted Meat at Billy’s confirmed the trend, and said the affordable grass-fed rump steak was a bestseller for its big flavour and affordable price point.

“You can take your family out for dinner or your partner or you could do the same thing at home with a great bottle of wine if you know what you’re doing, and a lot of people do now, and it’s a third of the price, if not less,” he said.

He believed Covid taught Queenslanders how to cook, giving them the confidence to dine at home rather than at restaurants.

“What’s getting us through the cost of living stuff is that people don’t want to give up that gift that they’ve given themselves and their families of cooking really good food,” he said.

Originally published as Why steak sales are soaring in cost of living crisis