FMI Study Finds Consumers 'Cautiously Optimistic' As Holidays Approach

Shoppers remain concerned about high prices, but simultaneously are also optimistic about their financial situations heading into the holidays, according to FMI—The Food Industry Association.

In its new U.S. Grocery Shopper Trends, Holiday Season report, a large majority of shoppers (more than 80%) said they are excited for the festive season this year, with 18% of consumers planning a celebration with more people than usual for the December holidays.

Additionally, one-in-five shoppers said they are buying more groceries as a way to contain their food spending. This, FMI officials said, is a factor in the average weekly grocery spend per household of $155 per week, a figure that has increased since October when consumers were spending $148 per week. Notably, consumers were spending $164 per week on groceries in February of this year.

“While consumers are understandably concerned about their finances amidst continued inflation heading into the holidays, shoppers are proving to be just as resilient when it comes to preparing for their holiday meal celebrations,” said Leslie G. Sarasin, president and CEO of FMI. “From looking for deals, shopping around at different stores and cooking more meals at home, shoppers remain excited for the holidays despite planning to ‘make do with less’ this year.”

She noted that consumers are saving money by eating out less, while also taking advantage of expanded foodservice options at their local grocer. 

“Shoppers are increasingly enjoying ‘hybrid’ meals that pair food made at home alongside semi- or fully- prepared items from the grocery store,” said Sarasin. “This hybrid approach can offer shoppers tremendous value during this hectic season by offering convenience and affordability for any holiday meal celebration.”

Cooking at home continues to be a key tactic used by shoppers to manage their expenses, with 31% saying they are preparing meals at home more often, and more than half planning to cook and eat more of their meals at home in the coming year. Alternatively, 60% of shoppers say they are eating out less, and just 14% of shoppers say they plan to dine out more in 2024.

Other key finding in the report include:

• 30% plan on looking for deals when shopping for their holiday meals.
• 28% are willing to shop at different grocers to find the best deals.
• 53% plan to eat at home more in 2024.
• 52% plan to cook more meals at home in 2024.