While larger gatherings will be back this Thanksgiving with 76 percent of respondents to an IRI survey indicating that they’ll celebrate in ways they did pre-COVID, traditional Thanksgiving meal items are estimated to cost 13.5 percent more.
"Despite the significant impact of inflation, consumers are excited to return to pre-pandemic holiday celebrations, and many will be participating in the Thanksgiving holiday by purchasing the same amount of groceries as they typically do," said Alastair Steel, executive, IRI client engagement, in a statement. "This year, consumers are planning further ahead for Thanksgiving than ever before, picking up staple items as they see promotions that fit within their budgets. The weeks leading up to Thanksgiving will be a tremendous opportunity for CPG brands and grocery retailers, and recent data will empower optimization on promotions and advertising strategies for key products."
According to IRI:
• More young people are participating in the holiday meal. The pandemic empowered a new generation of cooks, and more young people will be preparing a holiday meal or hosting a celebration among family or friends. There will be an average of 7.4 people at the Thanksgiving table this year, but that number jumps to 9.8 for Gen Z and younger Millennials (under the age of 32).
• Thanksgiving shopping will take place earlier this year. In 2021, shoppers purchased their Thanksgiving staples much earlier than they did in previous years, including the highest rates of whole-bird turkey volume in October ever seen. Many consumers expect to pay more for Thanksgiving-related items this year, and with concerns surrounding inflation, shoppers are already looking for deals and will be picking up items as they see them promoted.
• Thanksgiving is one of the largest food holidays in the United States. Historically, many categories see a significant lift in sales leading up to Thanksgiving. This year will be no different; categories including baking, beverages, meat (both turkey and ham), sides and pies are expected to see a significant volume lift.
Related: Category Spotlight: Home for the Holidays; Aldi to Match 2019 Prices.