Circana has released its annual Thanksgiving Outlook, providing insights into projected consumer purchasing behaviors and attitudes for 2024.
This year’s analysis highlights the popularity of Thanksgiving traditions, providing data to help manufacturers, retailers and marketers develop merchandising and promotional strategies and drive growth throughout the season.
The week prior to and the week of the holiday are essential for driving sales, though some consumers are planning ahead for early deals. While the inflation rate for Thanksgiving essentials has slowed to an increase of 2 percent, consumers may not notice due to the 26 percent increase in prices since 2020.
Key insights from the new Circana report include:
- Seventy-nine percent of consumers report they and their families will celebrate with the usual traditions.
- Thirty-four percent of consumers anticipate spending more on groceries this year but are unlikely to cut back on their purchases.
- Sixty-one percent of Americans plan to eat their main Thanksgiving meal at home – a slight decline from previous years – creating greater opportunities for retailers to promote host-friendly gift options.
- Thirty-eight percent of consumers will take advantage of early deals, with households that include young children being the most active in seeking savings.
- Six is the average number of attendees at gatherings planned by Gen Z and young Millennial consumers, exceeding the smaller group sizes of older generations.
“Thanksgiving offers a unique opportunity for manufacturers and retailers to connect with consumers who are navigating high prices while still prioritizing cherished traditions,” said Joan Driggs, Circana’s VP of content and thought leadership.
“By focusing on solutions that blend convenience, value and creativity, businesses can help shoppers celebrate in meaningful ways – whether through promotions on staple items, inspiration for new traditions or offerings that make hosting and gifting easier.”
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Thanksgiving remains one of the biggest food holidays of the year, generating a $2.4 billion lift in 2023, second only to Christmas. Circana anticipates the continuation of several important trends for 2024, including:
- Eighty-two percent of the total sales increase during the Thanksgiving season happened in the week of the holiday and the week before.
- The Thanksgiving basket, comprising 31 key categories, drove this sales uplift, despite representing just 9 percent of total sales for those weeks in 2023.
- The percentage of sales sold on promotion for last year’s basket nearly doubled to 50 percent, but the average depth of discount was similar to the rest of the year.
- Eight percent of Thanksgiving meal occasions had an item sourced from a restaurant or foodservice establishment.
For more information and the full report, visit Thanksgiving Outlook.
