As Thanksgiving approaches, a recent survey conducted by Advantage Solutions Inc. has shed light on how rising inflation is impacting the holiday spending plans of U.S. shoppers. The annual survey, titled “Holiday Spending 2023: Consumers Share Food- and Gift-Shopping Plans,” gathered responses from 1,100 U.S. adults aged 21 and over, revealing that half of all respondents believe that inflation will have a significant impact on their spending on Thanksgiving food.
The survey’s findings indicate that this year’s holiday season is marked by concerns over increasing food and product costs, with 50% of respondents expressing apprehensions about how these rising prices will affect their Thanksgiving preparations. Within this group, almost 60% stated that they are prepared to spend more on food this Thanksgiving compared to the previous year. Among these respondents, 28% are willing to spend more to purchase the same amount of food, while 13% are planning to allocate additional funds despite purchasing a reduced quantity of food.
These statistics underscore the financial strain many American households are feeling due to inflationary pressures across various sectors of the economy. With the cost of groceries and essentials steadily increasing, it is clear that consumers are making adjustments to their spending habits as they navigate the challenges posed by inflation.
Additionally, the survey revealed that a considerable number of respondents are exploring alternative options to traditional Thanksgiving feasts. Approximately 23% of those surveyed indicated that they are considering smaller gatherings or opting for non-traditional dishes to mitigate the financial impact of rising food prices.
Inflation has been a prevalent topic of discussion in recent months, and its effects are becoming increasingly tangible for Americans as they plan for the holiday season. The rising cost of gas, transportation, and raw materials have contributed to higher prices for consumer goods, including the ingredients required for Thanksgiving meals.
Economists have been closely monitoring the inflationary trends, with some attributing the surge in prices to supply chain disruptions, increased demand, and other macroeconomic factors. The Federal Reserve and policymakers are actively working to address these concerns, but the impact of inflation on consumers’ everyday lives remains a pressing issue.
As the holiday season approaches, many Americans find themselves at a crossroads between upholding cherished traditions and managing their household budgets. Thanksgiving, a time for gratitude and togetherness, may see changes in the way families celebrate this year as financial considerations take center stage for a significant portion of the population.
Advantage Solutions Inc.’s survey serves as a poignant reminder of the ongoing challenges facing consumers amid a rapidly evolving economic landscape. As families across the country prepare to gather around the Thanksgiving table, the choices they make this holiday season will reflect their resilience and adaptability in the face of economic uncertainty.
