Australia has a huge supply of avocados at the moment so, millennials, book your brunches.
Because of bumper harvests, farmers planting more trees in response to demand and lockdowns meaning people can’t go to restaurants, the supply and demand balance has tipped and prices have almost halved for the trendy toast topper.
Speaking to the Sydney Morning Herald, John Tyas, chief executive officer of industry group Avocados Australia, said he expects the trend to stay and that avocado production this year will be about 65 per cent higher than last year.
“It’s just the beginning,” he said.
So, if we are to believe the bizarre claim that millennials can’t afford property because they spend too much money on smashed avocados, this is great news. Indeed, Tyas said: “They can get their housing deposit together and splash out on avocados as well.”
However, the news isn’t great for everyone and an excess of supply has led to some farmers saying they want to leave the industry as prices are falling too low.
“It’s definitely on some people’s minds as to whether it’s going to be viable for them going forward. They can weather one year like this, but if this is ongoing, I mean the pricing purely, it’s just not sustainable the way it is at the moment,” Tyas said.