Trader Joe's, one of America's major supermarket chains, recently increased the price of bananas – its most famous product – for the first time since 2001.
On March 25, the supermarket chain Trader Joe's (USA) said it had recently increased the price of bananas, from 3 USD to 0,19 USD per fruit. This increase is equivalent to more than 0,23%. This is the first time they have raised the price of bananas since they started selling them individually in 20.
“We only fix prices when costs change. And after keeping the price of bananas at $0,19 per fruit for more than two decades, we realized it was time for a change," a spokesperson for Trader Joe's said on CNN.
In the US, bananas are also an affordable food for most people. According to the 2023 report of the Food and Agriculture Organization of the United Nations (FAO), banana demand in the US in recent years has been strengthened mainly thanks to cheap prices.
Although food prices in the US are no longer increasing as strongly as they were two years ago, stores here still keep some items at low prices to compete. For example, the Costco supermarket chain still sells hot dogs for $2.
Bananas in a Trader Joe's supermarket in the US. Image: Trip Advisor
FAO's report shows that the retail price of bananas here will remain almost unchanged in 2023. The reason is fierce competition between store chains, with bananas being the main product. Bananas will be sold at cheap prices to attract customers to come here and buy more expensive products.
Data from the US Bureau of Labor Statistics shows that banana prices in the US are stable in the period February 2 - February 2023, around 2 USD per kg. However, CBS Citing information from experts at the World Banana Forum in March, they warned that climate change and rising temperatures could still push up banana prices in the future.
Bananas are Trader Joe's most popular product, so much so that they rank as a customer favorite there. In a 2018 radio show, then-CEO and President of Trader Joe's - Dan Bane told the story behind this business decision that was considered very successful and unique.
"Previously, we also sold bananas by weight, like all places," he said. However, since the store does not have a scale, they will weigh and package it for customers in advance. The smallest package has about 4-5 bananas.
However, a conversation with the customer later caused them to change the way they sold the product. “At that time, I was observing shoppers in Sun City (Arizona). A girl approached the banana stand, looked around, but didn't choose any package. So I asked: “Sorry, I saw you looking at bananas, but didn't buy them. Why so?". She replied, “Sir, I probably don't need four,” he recalled.
“So the next day, we decided to sell each fruit individually. And the price of 19 cents has also remained the same since then," he said.
Ha Thu (according to CNN, Reuters)
