Winsight Grocery Business: Retailers battle the bulge in food costs for this year’s Thanksgiving table
As Americans gather around the Thanksgiving table, the bulge in food costs will be significantly more noticeable this year. Thanksgiving dinner will cost 13.5% more than it did last year, according to IRI’s latest trends report, published last week.
And with food prices still high, 38% of shoppers will cut back their Thanksgiving meal due to inflation, new research from 84.51°, the Cincinnati-based Kroger-owned data and media company reported.
Consumers will be cutting back to save money. Forty-five percent will cut turkey or pumpkin pie, 37% will cut on corn bread and 32% will consider ditching cranberry sauce, stuffing or macaroni and cheese, 84.51° reported.
Adding extra pressure to their wallet spend is the avian flu driving up higher prices on turkeys, prompting shoppers to head into the holiday season with a belly full of angst.
Financial issues have firmly replaced COVID as consumers’ primary concern heading into the holiday season, as 45% of shoppers report being most concerned about rising meal prices compared to other holiday expenses, according to the lastet FMI—The Food Industry Association’s U.S. Grocery Shopping Trends 2022 series.
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