Even the big spenders are cutting back. One of the items slumping due to the softening economy: steak.
Allen Brothers, high-end cataloger and supplier of beef to steakhouses like Del Frisco's, says it has seen restaurant customers exchange prime cuts for lower-grade meat. [More]Now imagine hard-pressed consumers cutting back high-end purchases like prime beef just as $6 dollar corn shows up in the feed trough.
Ironically, meats could be a bargain as the herds liquidate, but those guys are really hanging tough. Or simply holding on to the tow rope too long after the skis came off.