The Business of Thanksgiving
Nov 23, 2022
The Business of Thanksgiving
Yatindra Singh1

For many people, Thanksgiving is a time to relax and enjoy time with family and friends. But for businesses, it’s one of the busiest times of the year. From grocery stores to restaurants to retailers, everyone is gearing up for the holiday rush. And while it may be a hectic time for businesses, there’s no denying that Thanksgiving is good for business. Let’s explore the business of Thanksgiving and how businesses make the most of the holiday season. From increased sales to marketing ploys and more, read on to learn more about how businesses profit from Thanksgiving.

Thanksgiving 2022 By The Numbers

In 2022, Americans will spend an estimated $2.9 billion on Thanksgiving dinner, with the average person shelling out $75.30. That’s a lot of money for one meal!

Here are some other interesting Thanksgiving statistics:

  • 86% of Americans say they plan on eating turkey on Thanksgiving Day

  • 73% of Americans say they would like their turkey to be pre-cooked

  • 67% of Americans say that stuffing is their favorite Thanksgiving dish

  • 57% of Americans say they prefer pumpkin pie over all other pies

Are Americans Spending Less This Thanksgiving?

It's no secret that the economy has been slowing down and recession fears are at a high. And with Thanksgiving just around the corner, many Americans are wondering if they'll be able to afford to celebrate the holiday like they have in years past.

According to a recent survey by the National Retail Federation, it looks like Americans will be spending less this Thanksgiving after all. The average person is expected to spend $75 on food, decorations, and other holiday-related items, which is down from $82 last year.

So why the decrease in spending? It could be because people are still trying to save money after being hit hard by high gas prices and inflation. Or it could be because more people are opting to stay home for Thanksgiving instead of travel out of town to visit family and friends.

Whatever the reason, it's clear that American families are tightening their belts this Thanksgiving. But even though we may not be spending as much money as we used to, there's still plenty to be thankful for.

Retail & Thanksgiving Data

As Thanksgiving approaches, retailers are gearing up for one of the busiest shopping periods of the year. While many shoppers are focused on Black Friday deals, there is still a significant amount of spending that takes place in the days leading up to Thanksgiving.

Thanksgiving is also a key time for retailers to collect data about consumer behavior. This data can be used to inform marketing and merchandising strategies in the future. Here are some interesting facts and figures about retail spending and Thanksgiving data:

-In 2018, retail sales during the Thanksgiving weekend totaled $19.6 billion, a 4.2% increase from 2017 ($18.9 billion).

-The average shopper spent $313 over the course of the weekend, up from $289 in 2017.

-Black Friday was the busiest shopping day of the weekend, with sales totaling $7.4 billion. Saturday came in second at $6 billion, followed by Sunday at $5.1 billion.

-Thanksgiving Day itself saw relatively moderate spending, with sales totaling $2.9 billion. This was likely due to many stores being closed on Thursday so that employees could enjoy the holiday with their families.

-The majority of shoppers (71%) said they planned to shop online this year, while just 29% said they would stick to brick-and-mortar stores

Thanksgiving is a time for family, friends and, of course, business. For many businesses, Thanksgiving is the busiest time of year, and it's important to be prepared. If you're running a business this Thanksgiving, make sure you have enough staff on hand to handle the increased demand, stock up on supplies and promote any special deals or promotions you may be running. With a little bit of planning, your business can make the most of the holiday season and come out ahead.

Yatindra Singh1
1 articles
Sep 21 joined

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