The days when Whole Foods could rely on elite prestige - customer were buying self-identification with higher prices on food - are gone now that organic marketing has actually convinced customers that it's food is not just a process or an ethical way of life but, as economist Chuck Benbrook often tried to claim, actually more nutritious than regular food.
If the food itself is better just by paying for a sticker, then it becomes a price issue; and Whole Foods share prices continue to languish.
They may get worse. An analyst for the stock commissioned a survey and customers said they did not notice any price changes, even after Whole Foods lowered prices.
Only 24% of Whole Foods customers now think the higher prices are worth it. That can't be a good thing. The analyst changed their rating on the stock to 'sell.'
