Sat Nov 23 13:30:00 UTC 2024: **Inflation Dampens Thanksgiving Festivities, But Not Spirits: Deloitte Study**
NEW YORK, NY – A new Deloitte study reveals that while Thanksgiving remains a cherished tradition for most Americans, rising food prices are impacting celebrations this year. The study, based on a survey of 1,200 US consumers, found that 75% plan to participate in Thanksgiving gatherings, but significant cost concerns are emerging.
Grocery prices are up 26% since January 2020, with some Thanksgiving staples seeing even steeper increases: turkey (31%), pumpkin pie mix (34%), pie shells (39%), stuffing (41%), and dinner rolls (54%). This has led to 44% of hosts expressing worry about the cost of the holiday, and 30% are reducing their guest lists as a result. The impact is particularly acute among Gen Z hosts, with 61% citing cost concerns and 49% cutting their guest lists.
However, the study also indicates a shift towards more potluck-style gatherings. Four in ten hosts plan to ask guests to contribute dishes, and nearly all guests (92%) intend to bring something, averaging just over $47 per contribution. Some retailers are also responding to price concerns by offering discounted meal packages.
While the Deloitte Food Frugality Index shows a recent decrease, signaling potential growth in consumer confidence, the impact of inflation on holiday spending remains a key factor. The study highlights a complex interplay of financial pressures, cultural importance, and evolving social dynamics impacting how Americans celebrate Thanksgiving in 2024.
First Piper 