This browser does not support the Video element.
This box of cereal costs 13 bucks
General Mills thinks the answer to slumping cereal sales is in an expensive new brand.
NEW YORK - General Mills is coming out with a $13 a box cereal. Yes, $13.
The cereal manufacturer has created a line aimed at more health-conscious consumers that the company expects to accept the higher price point.
The brand is called Morning Summit. It lists almonds as the first ingredient.
The new brand comes at a time when cereal is becoming less popular.
A 2019 report by research group Mintel found that a decline of cereal consumption continues in the United States with the category hitting a five-year sales low last year.
It might seem odd to launch a cereal that costs twice as much as other brands but one marketing expert says it could work.
"I laughed when I read General Mills was coming out with a $13 cereal but I also laughed when I heard that Starbucks was going to charge five dollars for a coffee and it worked very well for Starbucks," advertising executive Mark DiMassimo says.
In a statement to FOX 5 NY, General Mills said: "Our strategy to drive continued cereal growth is centered on launching compelling innovation that offers taste, convenience and health benefits while investing in brand building. That engages consumers and gives them another reason to walk down the aisle."
DiMassimo says this might just be the start for General Mills.
"It might only be for some people but it might change the meaning of everything that they sell," DiMassimo says.
But, the price might be hard to stomach for many consumers. A few customers at an Upper East Side grocery store laughed at the idea of paying $13 for a box of cereal.