With the recent over-emphasis on low-carb diets, beef sales are good. They are really good as most would expect. Yet, one idustry that is feeling the effects of the high demand in low carb foods is the beer industry, as well as spirits and liquour. After a steady growth over the past seven years, they have seen a steady decline since 2003.
To relate this scenario to what we've been talking about in class, it would appear that beef and beer are substitute goods in a sense. More specifically, low-carb foods and high-carb foods are reacting oppositely to a change in the publics' preferences. As the demand for low-carb foods goes up, naturally the demand for high-carb foods such as beer goes down.
It would be interesting to research prices and see how they have been affected over the past two years or so. It is interesting how certain things can become trends and then have an affect on something we might not consider to be related. Of course, now beer companies are developing low-carb versions so that they can adjust to tastes and preferences.