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With Thanksgiving only a few days away, many consumers have their eyes set on the dinner table for that day.
Despite rising inflation, consumers are expected to buy the same amount of products as last year, although they expect Pay more.
Recent data from Circana found that while about four in five Americans plan to celebrate the holiday this year, nearly a third said that while they will buy the same number of items as last year, they expect to pay more.
The consumer behavior tracking company. found that Thanksgiving Day prices have increased more than 27% since 2019. He added that in 2022, Thanksgiving Day provided a $2.8 billion increase in sales for food and beverage companies compared to an average week.
According to market research firm Numerator, nearly 6 in 10 holiday shoppers will buy turkey, considered a Thanksgiving staple in many American households. That’s good news for companies like Hormel Foods (HRL), owner of Jennie-O Turkey Store, and Tyson Foods (TSN).
Most consumers still do their Thanksgiving shopping at the supermarket. Numerator found that 76% of consumers plan to buy their Thanksgiving products at grocery stores. This will surely benefit large supermarket chains, including Kroger (KR), Albertsons Companies (ACI), Ahold Delhaize (OTCQX:ADRNY), and Sprouts Farmers Markets (SFM).
Large retailers like Target (New York Stock Exchange: TGT) and Walmart (New York Stock Exchange:WMT) will also see customers looking for Thanksgiving products, as 37% said they would shop there as well. About 30% of respondents said they would go to a membership club, such as Costco (NASDAQ:COST) or BJ’s Wholesale Club (BJ).
About a third of consumers will purchase alcohol for Thanksgiving, and wine tops the list. Of those who plan to purchase alcoholic beverages, 70% plan to purchase wine, followed by beer (57%) and spirits (28%). Names of wines, beers and spirits: Duckhorn Portfolio (NAPA), Anheuser-Busch InBev (BUD), Molson Coors Beverage (TAP), Constellation Brands (STZ), Diageo (DEO) and Brown-Forman (BF.B).
Numerator also found products that have higher-than-normal purchases leading up to Thanksgiving.
According to 2022 data, Kraft Heinz (NASDAQ:KHC) Stove Top Stuffing and Cool Whip respectively saw 4.5 times and 3.4 times more purchases in the two weeks leading up to Thanksgiving compared to the two weeks following the holiday.
