Survey: Thanksgiving hosts' spending plans include...
Despite being several weeks away, consumers are already thinking about Thanksgiving spending and are expecting to pay more this year.
Advantage Solutions’ new Thanksgiving Buying Trends study reveals that nearly half (45%) of all shoppers expect inflation to affect their Thanksgiving spending. Older consumers are expecting to spend more than other groups, with 64% of shoppers aged 50-64 say they will be affected, compared to 42% of 35-49 year olds and 47% of 25-34 year olds.
Nearly four-in-10 (37%) said they plan to spend more than $300 on hosting Thanksgiving this year, and 62% said they plan to host eight or more guests. Nearly three-quarters (72%) of hosts said they plan to spend the same or slightly more than last year on hosting.
Mass retailers such as Walmart and Target will be the most popular among Thanksgiving hosts, with 86% planning to shop there for their holiday needs. Close to half (44%) of hosts plan to go to the store twice for food preparation, while 41% plan to go three or more times.
[READ MORE: PwC forecasts 7% increase in average holiday spend; Gen Z ‘rising star’ of season]
When it comes to managing Thanksgiving budgets, the vast majority (66%) of consumers “strongly agreed” that a retailer’s sales/promotions on Thanksgiving staples influence where they shop. Despite price concerns, two-thirds of hosts plan to purchase name brands, while 31% said they plan to purchase both name brand and private label items. A quarter (24%) said they will purchase whatever is on sale.
Other insights from Advantage Outlook’s survey include the following.
- More than half of consumers said they are feeling “stressed” when it comes to hosting Thanksgiving, with consumers under 35 reporting the highest levels.
- Three-quarters (76%) of hosts said they plan to serve items cooked from scratch.
- Nine-in-10 (89%) hosts said they will buy frozen or canned produce as part of their preparation.
- Hosts typically shop two to three days before Thanksgiving.
Advantage Solutions’ survey included 1,104 U.S. shoppers who plan to host Thanksgiving this year, and was conducted Sept. 25, 2024.
