Thanksgiving Shoppers Adjust Spending Amid High Food Costs
What happened
NIQ is tracking consumer spending during Thanksgiving, noting that shoppers are being more intentional about purchases due to high food costs. While 47% of consumers expect to spend more, many are countering rising prices by planning to buy more store brands (46%) or serving smaller portions (12%).
From foodnavigator.com
Why it matters
Consumers are redefining value amid compounding inflation and geopolitical pressures affecting the global food supply chain. Staples like cranberry sauce and turkey breast have seen price increases of 15% and 12% over the last 52 weeks, respectively.
A trend is emerging regarding consumer food habits, specifically noting a preference for convenience and nostalgia associated with summer food.
From foodnavigator.com
Who's involved
- NIQMarketing research firm tracking consumer spending during the Thanksgiving holiday.
- ThanksgivingThe holiday during which consumer spending is being tracked.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- KrogerSpeculative
Kroger might see increased private label sales as consumers shift toward store brands to counter high costs.
- TescoSpeculative
Tesco may face pressure on retail margins due to consumer value shifts and high food costs.
- AmericaSpeculative
America could experience economic volatility in the market due to compounding inflation and food supply chain pressures.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- New consumer trends may shape British Retail Consortium's industry dataThe British Retail Consortium's data may reflect high food costs and consumer focus on value.Likely
- Kroger may benefit from consumer shift toward store brandsKroger may see increased private label sales as consumers prioritize value over traditional brand names.Likely
- Consumer focus on value may pressure Tesco's holiday marginsTesco may face margin pressure as consumers prioritize value and store brandsLikely
Keep exploring
The entities involved
-
NIQ
marketing research firm
-
Thanksgiving
American musician and songwriter