Thanksgiving Celebrations Continue Despite Economic Challenges

Nearly 8 in 10 Americans will be celebrating Thanksgiving at home, with one-third expecting to pay more for their holiday meal provisions, according to a new survey from Circana.

The research firm’s annual Thanksgiving Outlook found the week before and the week of Thanksgiving are essential for driving sales, 38% of consumers are planning to take advantage of early deals with households that include young children being the most proactive in seeking savings.

Additionally, 61% of Americans plan to eat their main Thanksgiving meal at home, down slightly from the previous year, with 34% expected to pay more for the groceries needed to make the annual holiday feast.

“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 of Content and Thought Leadership with 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 food service establishment.