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More Thanksgiving sales in the US are anticipated despite rising inflation.

Even though the price of a holiday dinner has increased by 20% from the previous year due to skyrocketing inflation, a record number of Americans are anticipated to purchase over the Thanksgiving weekend.

According to a survey by the National Retail Federation (NRF) and Prosper Insights & Analytics, an estimated 166.3 million individuals expect to buy from Thanksgiving Day through Cyber Monday.

If the estimate is accurate, there will be 8 million more shoppers than there were last year, surpassing the 165.3 million customers who made purchases in 2019 before the coronavirus pandemic and rising inflation that began to affect US consumers in 2021.

Although there is much debate regarding how inflation will affect consumer behavior, research from the NRF’s president and CEO Matthew Shay predicts that this Thanksgiving holiday weekend will see strong store visitation and a record number of customers taking advantage of value pricing.

According to the survey, more than 114 million Americans are anticipated to visit stores or buy online on Black Friday, compared to an estimated 33 million who are expected to spend on Thanksgiving Day Thursday.

On Small Business Saturday, which benefits small enterprises, more than 60 million consumers are expected, followed by 31 million on Sunday.

The greatest day for e-commerce and the second-biggest shopping day, Cyber Monday, is expected to draw up to 64 million shoppers.

According to a poll conducted from November 1 to November 8 with 7,719 customers, “Black Friday continues to be the most popular day to shop, with 69% planning to shop there, followed by 38% on Cyber Monday.”

The NRF predicts that sales during the Christmas season, which runs from November through December, would increase by 6% to 8% from the previous year to reach between USD 942.6 billion and USD 960.4 billion.

Dinner prices increased by 20%.

US annual consumer inflation decreased from 8.2 percent in September to 7.7 percent in October. Inflation among US producers increased by 8% annually in October, slowing from September’s 8.4% increase.

Americans had to deal with a consumer price index spike of 6.2 percent before the Thanksgiving season last year.

Despite inflation being at its highest level in nearly four decades, this Christmas season’s sales volume is anticipated to rise from last year’s level.

The price of a conventional Thanksgiving dinner, which traditionally consists of turkey, stuffing, sweet potatoes, rolls, peas, vegetables, and pumpkin pie, is up 20% from year to year.

According to the American Farm Bureau Federation (ABFB), a feast for 10 people is expected to cost USD64.05 on average, up USD10.74 from the average of USD53.31 from the previous year.

A 16-pound (7.26-kg) turkey cost USD28.96, a 21 percent increase from the previous year.

According to AFBF Chief Economist Roger Cryan, “general inflation reducing consumers’ purchasing power is a big element contributing to the increase in the cost of this year’s Thanksgiving feast.” Supply chain interruptions and the crisis in Ukraine are other variables that have raised the price of the meal.

He highlighted additional variables that contributed to the higher price, such as fewer flocks, greater feed expenses, and lighter processing weights.

Cryan stated that despite increased costs for fuel, fertilizer, and other farming necessities, farmers are working hard to satisfy the expanding food demand.

President of the AFBF Zippy Duvall was quoted in the statement as saying, “We should not take our food supply for granted. “It is essential to support sustainable, productive agriculture both domestically and internationally.”

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This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

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