Gobble Up Turkey-Day Trivia & 2023 Holiday Shopping Insights
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Happy Thanksgiving!
This Thanksgiving, as we gather around tables with family and festivities, here are some Turkey-day facts to feast on—a tasty slice of 2023 market insights to spark conversation:
1. Turkey Time
Did you know that around 46 million turkeys are expected to be enjoyed this Thanksgiving? That translates to roughly 293.3 million Americans—88% of the population—dining on turkey this year! Hey, at least we can agree on something 🦃
2. Organic Craze:
While many predicted a decrease organic purchases this year due to rising costs of food, that hasn’t panned our. This may be because the prices of organic foods are rising more slowly than non-organic foods. Since 2019, the price of conventional meat, dairy, and produce increased by an average of 13.9%, while the price of organic varieties rose by only 1.6%. Organic chicken breasts actually decreased in price by 2.2%, compared with a 43.8% increase in the cost of regular chicken breasts. Traditional broccoli saw a rise of 141.3%, while organic broccoli’s price increase only reached 24%. As the price gap declines, organic products may start becoming a more appealing option, especially those who personally value wellness or sustainability. (Mashed, Magnify Money Survey)
3. Pumpkin Pie Perfection:
Roughly 50 million pumpkin pies are savored each Thanksgiving in the US. This year, we’ve seen a rise in alternative recipes like vegan and gluten-free options, catering to a broad range of dietary needs and preferences.
4. Holiday Spending Trends:
Despite the poor economy, consumers are predicted to increase their spending by 7% this year, averaging $1,530 on gifts, travel, and entertainment. However, 75% of consumers are looking for deals to counteract price increases, with most doing their bulk shopping in early November and some waiting for Black Friday sales. (PwC)
5. Black Friday Madness:
In the wake of economic challenges like inflation and elevated interest rates, there’s a trend towards cost-conscious spending. Black Friday 2023 is projected to be the biggest ever, with consumers expecting significant discounts and convenient, digitized shopping experiences. High-ticket electronics remain a top draw. When you consider that most Americans will be done with their Christmas shopping by next week, this might be the biggest shift in spending patterns yet this year.
Thank you for reading today. Writing this email today, I am filled with gratitude — thank you for being an integral part of the Bixa family. Your choice to let us guide your market research not only shapes our journey as a growing small business, but also contributes to these evolving market trends.
Wishing you a Thanksgiving filled with happiness, laughter, and of course, delicious food!
Save some gravy for me!
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