With pressures along the supply chain delaying the arrival of some fan-favorite products during the holiday season, consumers are getting a head start on their shopping, presenting a potential $1.7 billion boost to the grocery sector. IRI® recently released its latest insights on Thanksgiving-related grocery trends, reflecting on key shopping behaviors currently driving retail demand.
“More than ever before, consumers are planning ahead for Thanksgiving by shopping early for key items, driving a 4 percent sales lift of the entire edible category for the week ending October 31, 2021,” said Dr. Krishnakumar “KK” S. Davey, President of Client Engagement for IRI. “The latest data also shows that shopping habits vary widely among consumers of different demographics, primarily across age groups and household income levels. The distinct behavior patterns of each shopper demographic create important insights for manufacturers and retailers as they optimize their advertising and promotion strategies in the final weeks leading up to Thanksgiving.”
With the holiday season fast approaching, IRI is tracking a variety of holiday-related items to gauge their availability, demand, price, and promotions for Thanksgiving and Christmas, a press release explained. The tracked items include the top 25 Thanksgiving-related grocery categories, which make up 81 percent of the $2.2 billion uplift in grocery sales typically seen in the four weeks leading up to the holiday.
Some of the key findings based on data for the week ending Oct. 31, 2021, outlined in the report include:
Also noted in the report, 34 percent of consumers explained they are stocking up on certain items because they are concerned that the products might not be available the next time they shop following widespread media reporting on the ongoing supply chain challenges. By closely monitoring these uplifts, retailers can better meet the needs of consumers with the right products, prices, and promotions to drive growth and profitability throughout the holiday season.
The IRI CPG Supply Index™, Demand Index™, Inflation Tracker™, and Promotion Index™ are calculated from daily point-of-sale and e-commerce transaction data reported from major chains.
Deli Market News will keep a pulse on the newswire as we wait to see how the grocery sector is further affected by supply chain challenges and evolving consumer demands.