The Surprising Reason for the Boom in Snack Sales
Americans are increasingly dining alone, and they’re opting for snacks rather than full meals, according to a new report from NPD group.
A key driver of the trend is the growing number of single-person households, since solo eaters are more likely to opt for snack foods for dinner. Nearly a quarter of all snack foods consumed last year were consumed at mealtime.
“Smaller household sizes and eating alone are among the growing factors with snacking,” NPD food and beverage industry analyst Darren Seifer said in a statement. “Food manufacturers should think about the unique needs of the solo consumer when developing products and packaging, and marketing messages should be crafted to be relevant to them and their snacking behaviors.”
Related: The 12 Hottest Food Trends for 2015
A separate report released by Nielsen last year found that more than half of global diners had selected snacks in the past 30 days to replace a lunch, 48 percent had snacked for breakfast and 41 percent had snacked for dinner.
When making their selection, single diners prefer single-serve packages and are increasingly turning to “better-for-you” snacks, like fresh fruit, breakfast bars, and yogurt, NPD found.
Food manufacturers are starting to adapt to the demand for healthier options. In June, General Mills said it would stop using artificial colors and flavors by 2016, and Kellogg Co. has vowed to do so by 2018.
Even as demand grows for healthier snacks, the most popular snacks in North Americans might make a nutritionist cringe. Nielsen found that the most popular snacks were chips, followed by chocolate and cheese.
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Tweet of the Day: The Black Hole of Big Pharma
Billionaire John D. Arnold, a former energy trader and hedge fund manager turned philanthropist with a focus on health care, says Big Pharma appears to have a powerful hold on members of Congress.
Arnold pointed out that PhRMA, the main pharmaceutical industry lobbying group, had revenues of $459 million in 2018, and that total lobbying on behalf of the sector probably came to about $1 billion last year. “I guess $1 bil each year is an intractable force in our political system,” he concluded.
Warren’s Taxes Could Add Up to More Than 100%
The Wall Street Journal’s Richard Rubin says Elizabeth Warren’s proposed taxes could claim more than 100% of income for some wealthy investors. Here’s an example Rubin discussed Friday:
“Consider a billionaire with a $1,000 investment who earns a 6% return, or $60, received as a capital gain, dividend or interest. If all of Ms. Warren’s taxes are implemented, he could owe 58.2% of that, or $35 in federal tax. Plus, his entire investment would incur a 6% wealth tax, i.e., at least $60. The result: taxes as high as $95 on income of $60 for a combined tax rate of 158%.”
In Rubin’s back-of-the-envelope analysis, an investor worth $2 billion would need to achieve a return of more than 10% in order to see any net gain after taxes. Rubin notes that actual tax bills would likely vary considerably depending on things like location, rates of return, and as-yet-undefined policy details. But tax rates exceeding 100% would not be unusual, especially for billionaires.
Biden Proposes $1.3 Trillion Infrastructure Plan
Joe Biden on Thursday put out a $1.3 trillion infrastructure proposal. The 10-year “Plan to Invest in Middle Class Competitiveness” calls for investments to revitalize the nation’s roads, highways and bridges, speed the adoption of electric vehicles, launch a “second great railroad revolution” and make U.S. airports the best in the world.
“The infrastructure plan Joe Biden released Thursday morning is heavy on high-speed rail, transit, biking and other items that Barack Obama championed during his presidency — along with a complete lack of specifics on how he plans to pay for it all,” Politico’s Tanya Snyder wrote. Biden’s campaign site says that every cent of the $1.3 trillion would be paid for by reversing the 2017 corporate tax cuts, closing tax loopholes, cracking down on tax evasion and ending fossil-fuel subsidies.
Read more about Biden’s plan at Politico.
Number of the Day: 18 Million
There were 18 million military veterans in the United States in 2018, according to the Census Bureau. That figure includes 485,000 World War II vets, 1.3 million who served in the Korean War, 6.4 million from the Vietnam War era, 3.8 million from the first Gulf War and another 3.8 million since 9/11. We join with the rest of the country today in thanking them for their service.
Chart of the Day: Dem Candidates Face Their Own Tax Plans
Democratic presidential candidates are proposing a variety of new taxes to pay for their preferred social programs. Bloomberg’s Laura Davison and Misyrlena Egkolfopoulou took a look at how the top four candidates would fare under their own tax proposals.
