OFI 1416: Is An Economic Downturn About To Test Our Business Models?

I have been saying for quite sometime that direct marketing grass finished beef at a premium price was the equivalent of selling a luxury item and that when the economy got bad there would be less customers for this type of product.  I've also been curious about the entire local food movement that has been growing and thriving for so many years now. I believe that it is a foregone conclusion that the American economy, and really, the world economy, is heading into a recession or is already in one.  So, my predictions and quite possibly my business model is about to be tested.  A couple of things to consider going into this are: If demand for locally produced or premium agricultural products decreases, can you lower your prices and survive as a business? Will demand for beef in general diminish and be replaced with more chicken and pork consumption? Will the memory of empty grocery shelves during the pandemic be enough motivation for people to continue to support local agriculture in spite of higher prices? Will your off-farm business lose business due to people having less disposable income, such as an agritourism business? If your off-farm business serves farmers, will they start doing the service you provide themselves to save money? More Places You Can Listen to Off-Farm Income And Matt Brechwald: