ASTA's Virtual Policy & Leadership Development Conference Continues With A Focus On The Economic Outlook Of The Produce Industry

Alexandria, VA (June 4, 2020) – The American Seed Trade Association’s (ASTA) Policy and Leadership Development Conference virtual series continued June 2 with a second economic outlook session.

The session focused on the economic outlook of the produce industry, with Steve Lutz, senior vice president for insights and innovation, and Adam Brohimer, vice president at Category Partners, providing a perspective on the economic road ahead and what the seed industry needs to prepare for.

The first session on May 19 focused on the economic outlook for field crops.

Changing Consumer Behavior

Lutz says new shopping patterns have emerged in the shadow of the coronavirus pandemic. The produce trade has been impacted since the pandemic hit and has been gradually emerging from it, he explains.

“The pandemic is really unlike anything we’ve seen in our lifetimes,” Lutz says. “Nothing like it has been experienced by any of us.”

Lutz says consumer behaviors impact which products are available for retailers to sell.

The coronavirus has hit in four waves, Lutz notes, with researchers looking at patterns during each wave. According to Lutz, the waves have been:

• Wave 1: around and prior to March 7, awareness.
• Wave 2: March 8-21, pantry loading.
• Wave 3: March 22-April 18, quarantine and Easter flip.
• Wave 4: Post Easter after April 19, new baseline.

Much of the data presented was from prior to the beginning of May, Lutz points out.

The shift in behaviors over the past 10 weeks has been unprecedented as Brohimer says normally the amount of changes in that time is what is experienced over a decade.

Brohimer says patterns have begun to emerge, particularly as every trip to a store means more to consumers, suppliers, and retailers. Nearly half the country has been economically impacted during the past few months, he says.

“The economic reality is catching up with where it is today and not in a good way,” Brohimer says.

Lutz adds that just because places are opening back up that he thinks consumer behaviors to shift back quickly. Many shoppers continue to search for value and stretch their money as they go to stores less often, he says.

Lutz does point out many shoppers won’t change a thing in their buying patterns, as they continue to make purchases like in the past.

Upcoming Schedule

The PLDC virtual series continues with the “Hemp Seed: Technology, Production and Regulatory Updates” session scheduled for 11 a.m. to 12:30 p.m. Wednesday, June 10.

The series continues with weekly sessions scheduled through July 16. Registration for the sessions is now open.

Written by Chris Lusvardi, Seed Today editor