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Canadians Expected to Increase Spending on Thanksgiving Dinner in 2021

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Expectations of Increased Spending on Thanksgiving Dinner in Canada

As families prepare to gather for Thanksgiving dinner, Canadians may find themselves spending more on groceries due to high food inflation. Statistics Canada reported a 6.9% increase in prices for food purchased from stores in August, well above the headline inflation rate of 4%. This rise in prices has led consumers to reconsider their traditional Thanksgiving meal options. Retail analysts suggest that individuals may explore cheaper alternatives to turkey or opt for smaller family gatherings. Last year, a kilogram of fresh turkey cost around $6.59, but this year's prices have seen markups in some grocery stores. However, there is reason for optimism as food prices have started to move in a more favorable direction. Economists note that many Thanksgiving staples are now in season, which could lead to more favorable price changes for consumers. Looking beyond the holiday, experts suggest that Canadians be open to changes in their typical food purchases to save money. Considering locally produced stored vegetables, such as carrots and root vegetables, can provide opportunities for cost savings. While food prices may impact Thanksgiving spending, adjustments in purchasing habits can help mitigate the impact of inflation. In conclusion, Canadians can anticipate increased spending on Thanksgiving dinner due to high food inflation. Exploring alternative options and considering seasonal, locally produced foods can help manage costs.

Impact of Increased Thanksgiving Spending on New Businesses in Canada

The expected increase in spending on Thanksgiving dinner in Canada due to high food inflation presents both challenges and opportunities for new businesses. With Statistics Canada reporting a 6.9% increase in food prices, consumers are likely to reconsider their traditional meal options. This situation could potentially open doors for businesses offering affordable alternatives.

Opportunities Amid Inflation

New businesses, particularly those in the food and retail sectors, could leverage this trend by offering cheaper alternatives to traditional Thanksgiving staples. For instance, businesses could promote locally produced, in-season vegetables or affordable substitutes for turkey.

Adapting to Changing Consumer Habits

Moreover, as consumers become more open to changing their typical food purchases to save money, businesses have the opportunity to innovate and diversify their product offerings. This could range from offering a variety of locally produced stored vegetables to creating budget-friendly Thanksgiving meal packages. In conclusion, while high food inflation may pose challenges, it also presents opportunities for new businesses to innovate and meet changing consumer demands. By offering affordable alternatives and adapting to changing purchasing habits, businesses can navigate this inflationary period effectively.
Story First Published at: https://financialpost.com/pmn/business-pmn/canadians-likely-to-spend-more-on-thanksgiving-dinner-this-year
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