CHICAGO – Nov. 13, 2024 – Circana™, a leading advisor on the complexity of consumer behavior, today released its annual Thanksgiving Outlook, providing key insights into projected consumer purchasing behaviors and attitudes for 2024. This year’s analysis highlights the enduring popularity of Thanksgiving traditions, providing actionable insights to help manufacturers, retailers, and marketers develop merchandising and promotional strategies to engage consumers and drive growth throughout the Thanksgiving season.
The week prior to and the week of Thanksgiving 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%, consumers may not notice due to the 26% increase in prices since 2020. Key insights from the new Circana report include:
79% of consumers report they and their families will celebrate Thanksgiving with the usual traditions.
34% of consumers anticipate spending more on groceries this year but are unlikely to cut back on their purchases.
61% 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.
38% of consumers will take advantage of early deals, with households that include young children being the most proactive in seeking savings.
10.6 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, vice president, Content and Thought Leadership, Circana. “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.”
Thanksgiving remains one of the biggest food holidays of the year, generating a $2.4 billion lift in sales in 2023, second only to Christmas. Circana anticipates the continuation of several important trends for 2024, including:
82% of the total sales increase during the Thanksgiving season happened in the week of Thanksgiving and the week prior.
The Thanksgiving basket, comprising 31 key categories, drove this sales uplift, despite representing only 9% of total sales for those weeks in 2023.
The percentage of sales sold on promotion for last year’s Thanksgiving basket almost doubled to 50%, but the average depth of discount was similar to the rest of the year.
8% of Thanksgiving meal occasions had an item sourced from a restaurant or foodservice establishment.
For more information and the full report, visit Thanksgiving Outlook.
