With one week remaining until Thanksgiving, shoppers are already planning and purchasing products for this year's celebration. Outlooks suggest strong sales for retailers, despite high grocery prices.

Circana, a leading advisor on the complexity of consumer behavior, recently released its Thanksgiving Outlook report which indicates that nearly 80% of Thanksgiving meals are homemade. 

The American Farm Bureau Federation (AFBF) Thanksgiving Cost Survey shows that the traditional ingredients for a holiday dinner will cost slightly less this year.

"The week before and the week of Thanksgiving are essential for driving sales, though some consumers are planning ahead for early deals," the report says.

Circana's survey notes that 79% of consumers report they and their families will celebrate Thanksgiving with the usual traditions. Despite 34% of consumers anticipating spending more on groceries this year, they are unlikely to cut back on their purchases.

In 2023, Thanksgiving contributed a $2.4 billion sales boost compared to the average week.

Campbell’s 2024 State of the Sides Report indicates that 22% of shoppers in the Southwest will incorporate Mexican side dishes into their Thanksgiving meals, listing spicy chilies as their flavor of choice. Those in the West are more likely to include barbecue sauce, smoky flavors, and savory herbs.

According to Better Homes & Gardens, the biggest Thanksgiving food trend of 2024 is showcasing flavors that go beyond the classic “American” recipe. Southern Living magazine suggests adding a Southern spin to Thanksgiving sides, such as sweet potato casserole, brown butter mashed sweet potatoes, or a mashed potato bar as creative options.

Cranberries remain one of the most consumed fruits during Thanksgiving, with Americans eating about 80 million pounds of cranberries for the occasion.

According to the AFBF's Thanksgiving survey, the average cost of a Thanksgiving meal for 10 people is $58.08, or about $5.80 per person. This is about 5% lower than last year, but nearly 20% higher than five years ago. While prices have declined over the past two years, this doesn’t erase the dramatic increases that led to record-high costs in 2022.