Thanksgiving shoppers hunting for savings create opportunity for plant-based protein, discount retailers to capture market share now and long-term

With inflation driving the price of food consumed at home up double-digits over the past year, Americans can expect a traditional Thanksgiving dinner to cost between 13.5% to 17.8% more than it did last year, according to IRI and Datasembly, respectively.

Most of this increase will from pies and sides, the prices for which IRI notes are up 20.3% and 18.8% from a year ago. Within sides, the basket item with the largest increase – for the second year in a row – is the Russet potato, which is ringing in this year at an average of 90 cents compared to 57 cents last year, according to Datasembly. Other baking ingredients are up 11.1% and beverages are up 5.8%, IRI adds.

Prices for turkey – both frozen and fresh – also are up double digits with Datasembly pegging the respective increases at 11% and 19% from mid-October to mid-November.

Higher prices will hit consumers differently depending on their socio-economic status with younger consumers more likely to worry about their ability to afford their usual holiday celebrations than older consumers. According to IRI, 23% of Millennials and Gen X consumers compared to 10% of older consumers were unsure if they could afford their usual fare.

IRI also found that 38% of consumers expect to pay more for groceries this year, but plan to purchase the same amount – swallowing the difference or looking to mitigate it by shopping early and hunting for deals.

Deal-hunting and swapping more budget-friendly holiday meal options is a popular strategy that 69% of the 2,100 Americans surveyed​ by Crestline said they are adopting this year.

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