What mashed potatoes say about the US economy
The Stew Leonard's mashed potato index is on the rise indicating a strong economy
Stew Leonard: Thanksgiving is the most economically friendly meal of the year
Stew Leonard’s CEO Stew Leonard Jr. discusses Thanksgiving Day dinner preparations, the affordability of Thanksgiving dinner and consumer confidence.
Mashed potato sales are indicating a healthy economy ahead of America’s Thanksgiving Day feast.
The Stew Leonard’s mashed potato index tracks the sale of the store’s pre-prepared mashed potatoes as an indication of market growth and overall economic well-being.
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Stew Leonard’s CEO Stew Leonard Jr. told FOX Business’ Maria Bartiromo that going into Thanksgiving, its index is up.
Chef-prepared mashed potatoes on offer at Stew Leonard’s sell for roughly $5 per pound, compared to raw potatoes, which go for about $1 per pound. When the higher-cost option sales increase relative to the lower-cost option, the index rises, signaling a healthier economy. In this, Americans are putting a premium on the convenience of not mashing potatoes themselves.
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“Our feeling is when the economy is doing a little better, people are going to go for the $5 [option],” Leonard said.
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This year’s increase in the mashed potato index coincides with the stock market reaching record highs and third-quarter GDP growth exceeding expectations.
Year over year, Americans are increasingly turning to the convenience of the Thanksgiving catering options Stew Leonard’s offers, including a full dinner for eight, costing $175.