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Record 166.3 Million Shoppers Expected During Thanksgiving Weekend
An estimated 166.3 million people are planning to shop from Thanksgiving Day through Cyber Monday this year, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. This figure is almost 8 million more people than last year and is the highest estimate since NRF began tracking this data in 2017.
“While there is much speculation about inflation’s impact on consumer behavior, our data tells us that this Thanksgiving holiday weekend will see robust store traffic with a record number of shoppers taking advantage of value..."
NRF Predicts Healthy Holiday Sales as Consumers Navigate Economic Headwinds
Holiday spending is expected to be healthy even with recent inflationary challenges, as the National Retail Federation today forecast that holiday retail sales during November and December will grow between 6% and 8% over 2021 to between $942.6 billion and $960.4 billion. Last year’s holiday sales grew 13.5% over 2020 and totaled $889.3 billion, shattering previous records. Holiday retail sales have averaged an increase of 4.9% over the past 10 years, with pandemic spending in recent years accounting for considerable gains.
“While consumers are feeling the pressure..."
America’s Eating Patterns Adjusted to a Pandemic and Are Now Adapting to Higher Food Costs
Six macro trends currently shaping food and beverage consumption behaviors
Historically, there has been a rhythm to eating patterns in America; somewhat predictable habits formed by daily routines and needs. The early stages of the pandemic disrupted this rhythm, and just as eating patterns were returning to pre-pandemic normalcy, food inflation set them on end again, reports The NPD Group* in its recently released 2022 edition of Eating Patterns in America.
“The rate of change in U.S. consumers’ eating behaviors continues at a dizzying..."
Consumer Insights on Shopping & Dining Habits, 2020-2022
Shopping & Dining Consumer InsightsShopping and dining habits of consumers have changed for many since March 2020, the beginning of the COVID-19 Pandemic Era in the U.S. In some cases, it was an acceleration of existing trends, but in others it prompted major changes. For many consumers, these habits have at least some level of “stickiness” as they have continued in these habits two years after the start of the pandemic.Shopping and dining activity are core to many consumer-related industries, from the production of food, beverages, and wide variety...
New Survey Reveals How TikTok Has Influence on Restaurant Visits
While millennials are especially inspired by the social media platform, 38% of TikTok users across all generations — or approximately 51.8 million diners — have visited or ordered food from a restaurant after seeing a TikTok video about it
MGH, a full-service marketing communications agency that specializes in restaurant franchises and more, today released the results of a new national survey of TikTok users about the social media platform's influence on their dining behaviors. The survey revealed that more than half (53%) of TikTok's millennial users in the U.S. have visited...
Holiday Plans: Desire for Food Gifting, Bigger Gatherings & Robust Food Spending Despite Inflation
New Results from Omaha Steaks' Annual Harris Poll of 2,000 Americans Reveals Insights on Holiday Attitudes and Behaviors
Americans are craving experiences and togetherness this holiday season, while also planning to spend more on holiday feasts and gather in larger groups than recent years. These are a few of the findings from the third annual Harris Poll, commissioned by Omaha Steaks gauging Americans on a wide variety of holiday-related food, entertaining and gifting plans. While 7 in 10 Americans (71%) are looking forward to time around...
Poultry Quarterly Q4 2022: Keeping Chicken Affordable in Times of Major Cost and Supply Challenges
The outlook for the global poultry industry is for strong market conditions, despite ongoing operational challenges.
The outlook for the global poultry industry in Q4 2022 and early 2023 remains strong, despite the big challenges across global poultry as well as some recent setbacks in North America. From a market perspective, a weaker economic climate with pressure on spending power will lead to more price-driven consumer behavior, which supports poultry consumption as it is the cheapest meat protein option...
Do Good Chicken Reports 10 Million Pounds of Food Surplus Saved From Landfills in First Six Months
Do Good Chicken™, the first chicken brand that fights food waste and combats climate change, reports it has diverted more than 10 million pounds of healthy surplus grocery food from landfills, after community donations are made, to upcycle into nutritious chicken feed. The milestone comes just six months since Do Good Chicken's spring 2022 retail launch and equates to saving surplus grocery food weighing approximately three times the weight of the Statue of Liberty, preventing an estimated 950 metric tons of greenhouse...
Kroger CIO Shares Grocer's Seamless Strategy at Groceryshop 2022
On Wednesday, at the Groceryshop 2022 convening in Las Vegas, Kroger Co. Chief Information Officer and Senior Vice President Yael Cosset shared the grocer's seamless strategy and changes in shopping trends.
"We know our customers have different needs based on their daily lives and the question becomes: What, when and how? Our seamless ecosystem brings all of these factors together, without asking the customer to compromise on quality, value or convenience," said Yael Cosset, SVP & Chief Information Officer for Kroger. "Whether our customer shop for a last-minute dinner, their weekly..."
Conversing on Consumer Behavior with EVP of IRI, Chris Dubois
Chris DuBois is the EVP and Practice Leader for IRI’s Protein practice and leads IRI service, sales, and delivery for IRI’s large protein-focused clients. In addition to leading IRI’s teams, he also works extensively with industry associations and media outlets to share research-based expertise and insights and is a frequent speaker and contributor. Chris Dubois is one of the esteemed presenters at this year’s Global Protein Summit in Chicago. Ahead of his presentation on consumer demand, Chris joined us to talk about the trends of the past year and what to expect in the future.
Impact of a Recession on Foodservice
Senior executives from leading financial institutions have been predicting that an extended economic downturn is becoming more likely by the day. But despite declining GDP and still-surging inflation, many executives have been hesitant to use the term recession when describing the prospects for the second half of 2022. This hesitancy is largely due to the fact that—despite all of the warning signs—there are also indicators such as consumer spending and low unemployment that defy historical conditions for a recession. So, where does that leave foodservice? How do we interpret the...
Lower-income Households Hardest Hit by Inflation
Historically, the spending gap between higher- and lower-income households is more pronounced in times of high inflation. With food inflation at a 40-year high, the gap has widened again, and lower-income households are shifting their at- and away-from-home eating behaviors to stretch their food dollars. Eating more frozen and shelf-stable foods, using less expensive and private label brands, and cutting back on restaurant visits, are among the ways lower-income households are managing their food spending, reports The NPD Group, which recently merged with Information Resources...
Plant-based Meat Market - 40% of Growth to Originate from North America
The plant-based meat market size is expected to increase by USD 7.21 billion from 2020 to 2025, at a CAGR of 25.14% as per the latest market report by Technavio. The plant-based meat market share growth in the plant-based beef segment will be significant during the forecast period. The growing health consciousness among consumers is increasing the demand for plant-based protein products, particularly, plant-based beef. In addition, the increasing number of product launches and innovations will drive the growth of plant-based beef...
New Acosta Report Explores the Rising Impact of Inflation on Consumer Dining Habits
Acosta, a global integrated sales and marketing services provider in the consumer packaged goods (CPG) industry, today released its sixth edition of The Why? Behind the Dine, a research report providing foodservice-specific insight bolstered by the expertise of its CORE Foodservice division.
Acosta's findings show that while most consumers (54%) are dining out less often due to inflation, about one-third are choosing to trade down rather than trade out, opting for less expensive restaurant and meal options to counter rising prices...
U.S. General Merchandise Unit Sales Fell 7% in April, as Retail Revenue Declined 1%, Reports NPD
As demand softens, the retail product mix needs to attract both value seekers and premium buyers
The consumer’s willingness to spend has been crucial to maintaining a healthy level of retail performance throughout the pandemic, but demand has been softening for several months. April 2022 U.S. general merchandise unit sales were 7% lower than a year ago, creating a 1% decline in sales revenue, according to The NPD Group.
“Higher retail prices have buffered demand declines but their escalation, combined with rising gas prices..."
Convenience, Technology and Engagement are the Changing Face of Grocery Shopping in India
Grocery shopping has entered a new era in India, influenced by factors such as the fast-paced changes in technology and evolving consumer behaviour. Here, we explore the key trends that are influencing Indian consumers’ online and in-store grocery shopping habits.
Engaging experiences, convenient deliveryThe pandemic has given rise to a number of ordering and delivery services – bringing home-bound consumers everything from medicines to groceries. Two in five Indian consumers find using online grocery shopping apps convenient. At the same time, nearly two-thirds...
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