(By CBRE Research) – The American Farm Bureau estimates that Thanksgiving dinner for 10 cost $50.11 last year, a 1.4% increase over 2014. For 2016, it is expected that these costs will stay flat or decrease, as higher turkey prices will be offset by lower egg, dairy, and bread costs. Regionally, dinner for 10 will remain lower than the national average at $48.85, albeit a 5% increase over the prior year. Eating local this year will benefit both your wallet and Texas farmers.
Consumer confidence is expected to boost holiday spending.
As consumers load up on turkey, cranberry sauce, and all the fixins’, retailers’ mouths will be watering as consumer confidence and retail spending continue to trend higher. The National Retail Federation and International Council of Shopping Centers are both expecting an upbeat holiday shopping frenzy this year with total retail sales increasing 3.6% to $655.8 billion, and brick-and-mortar sales increasing 3.3% over 2015. Holiday shoppers are expected to spend an average of $683.90, with a large majority planning to research online before hitting the mall. The ingredients for this forecast recipe include higher employment rates, gains in real disposable income, stronger consumer confidence, and improving optimism about the economy’s future.
Nov. 24, 2016