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Thanksgiving 2022: Americans plan to spend less on food, alcohol amid inflation and layoffs


Nervous shoppers say they’ll buy less or switch to cheaper brands this holiday season because inflation remains high and more and more Americans are worried about whether they will be able to keep their jobs. winter holidays, according to an Ipsos survey carried out in mid-November. “Inflation is kind of a fancy term for people having to pay more for the same amount of stuff and I think that’s the reality that consumers are trying to deal with,” says Chris Jackson, vice president senior at Ipsos. “What we’re seeing is consumers trying to make adjustments where they can to account for all the places where they see high costs.” Thanksgiving Trips:The best and worst times to drive to avoid traffic jamsBlack Friday 2022 offers:Shop the biggest deals of the yearTikTok tips for Black Friday: The best Black Friday 2022 deals may be on TikTok, creators share tipsWhere are shoppers discounting? About 7 in 10 Americans say they will buy a smaller amount or look for a less expensive choice when shopping for desserts and sweets, while 68% intend to make the same changes when buying sweets. frozen food, 65% will try to save money when buying fresh produce. produce, and 64% will make a switch or buy less when filling their carts with pre-prepared food. choose a cheaper alternative. “Prices for gas, home heating, electricity and even rent have gone up quite significantly over the past year,” Jackson says. “Consumers are trying to tighten their belts where they can.” Prices are falling, but maybe not enough:Some prices are falling, even though inflation remains high. Here’s what’s cheaper.What happens to benefits as layoffs increase? :As layoffs and recession fears mount, will employers put their 401(k) matches on hold?Is Thanksgiving more expensive this year? In recent months, inflation has hit a four-decade high and the American Farm Bureau Federation said last week that the cost of items that typically make up a Thanksgiving meals is up 20% according to its annual survey of volunteer shoppers reports. Last month, the price of butter and margarine rose 34% from a year ago, the largest annual increase on record, according to the Bureau of Labor Statistics. Other record highs included prepaid flour and flour mixes which cost 24% more, and frozen vegetables, turkey and other poultry which were all up 17%. Employment growth:Economy added 261,000 jobs in October even as recession fears, interest rates roseDoes Black Friday always offer the best deals? :Black Friday 2022 deals: Should you wait or start checking off your holiday shopping list now?Open Thanksgiving 2022:Which stores are open and closed? Hours of operation for Walmart, Target, Home DepotAre consumers only worried about inflation? The Ipsos Consumer Confidence Index found that 67% of Americans think the economic situation in the United States is bad, while 33% say conditions are good. Of those who think the economy is doing badly, 40% say it’s only “a bit bad”, underscoring how Americans aren’t generally as pessimistic as they were after the COVID pandemic began. -19, or during the Great Recession of 2008, says Jackson.45 Great Freebies Under $25 People Will Actually UseRevised Approved:Top 10 Approved and Reviewed Black Friday Deals on Apple, Solo Stove and HexCladPrices have also started to fall over the past two weeks, he adds. But as layoffs mount, Americans increasingly fear losing their jobs. months, 5% more than the share of Americans who had the same concerns just two weeks ago. Follow Charisse Jones on Twitter @charissejones