As Thanksgiving 2024 approached, Americans eagerly prepared to celebrate with traditional feasts and the annual shopping events of Black Friday and Cyber Monday. Despite a challenging economic climate marked by inflation and financial uncertainty, consumers demonstrated resilience and adaptability in their holiday plans.
Thanksgiving Feasts: A Blend of Tradition and Economy
This year, the cost of a traditional Thanksgiving dinner for ten decreased by 5% from 2023, averaging $58.08. The price of turkeys saw a notable decline, attributed to lower feed grain costs. However, the cost of side dishes like potatoes and stuffing experienced increases due to factors such as adverse weather and heightened consumer demand.
Black Friday and Cyber Monday: Record-Breaking Sales Amid Cautious Spending
The holiday shopping season kicked off with record-breaking online sales. On Thanksgiving Day, U.S. consumers spent $6.1 billion online, marking an 8.8% increase from the previous year.
Black Friday followed with approximately $10.8 billion in online sales, a 10.2% rise compared to 2023.
Despite these impressive figures, consumers exhibited cautious spending behaviors, influenced by ongoing inflation concerns. Shoppers prioritized significant discounts and essential purchases, with many opting for “buy now, pay later” options to manage budgets.
Retailers responded by offering substantial discounts and promotions to attract budget-conscious customers.
Consumer Outlook: Navigating Economic Challenges
The current economic climate has led to a more strategic approach to holiday spending. While some consumers are cutting back on non-essential purchases, others are taking advantage of holiday deals to obtain necessities at lower prices. This behavior reflects a blend of caution and opportunism, as households seek to balance financial constraints with the desire to maintain holiday traditions.
In summary, Thanksgiving 2024 showcased Americans’ commitment to tradition and adaptability in the face of economic challenges. The holiday season began with strong sales figures, tempered by a cautious consumer approach, highlighting the complex interplay between economic conditions and consumer behavior.