Thanksgiving is upon us. Millions of Americans will gather together to feast on turkey, mashed potatoes, cranberry sauce, and pumpkin pie, consuming copious amounts of food while celebrating with family and friends.
The consumption of the Thanksgiving meal is having a positive effect on a number of food related industries. IBISWorld reports that on Thanksgiving:
- Chicken & Turkey Meat Production: As a whole, US consumers eat around 46 million turkeys. In 2016 this industry is valued at $34.4 billion.
- Vegetable Farming: Healthy eating trends are driving the increased use of vegetables in the holiday’s side dishes. Alone, potatoes account for 13.6% of industry revenue, a value of $3.6 billion.
- Fruit & Nut Farming: Harvested in the fall, cranberries arrive just in time for Thanksgiving and per capita consumption of berries is increasing 7.5% in 2016.
- Baking Mix & Prepared Food Production: It is no secret that Americans are busy. The Bureau of Labor Statistics has reported a decline in time spent on food preparation, which contributes to the growth of ready-made mixes and foods.
- Caterers: Along the same lines, many consumers are choosing to forego cooking the Thanksgiving meal, in favor of catering serves. In some markets, holiday catering services are experiencing double digit growth.
In addition to the lavish meals, Thanksgiving has also become synonymous with Black Friday, Cyber Monday, and what may be considered some of the best shopping deals of the year. Adobe Digital Insights predicts that in 2016 Black Friday sales will increase 11.5% to more than $3 billion in value. Cyber Monday’s sales are also expected to grow 9.4% reaching over $3 billion as well.
The travel industry is another market that benefits greatly from Thanksgiving. Airlines for America expects 27.3 million fliers during the Thanksgiving holiday, an increase of 2.5% from 2015. In addition, the American Automobile Association anticipates 43.5 million travelers by car. Zacks has identified the following travel industry participants whose stocks will receive a holiday related boost:
- SkyWest, Inc.
- Copa Holdings SA
- Vail Resorts, Inc.
- Red Lion Hotels Corporation
- Intrawest Resort Holdings, Inc.
But if you think that only B2C markets are benefactors of the holiday season, you would be incorrect. According to IBISWorld, B2B industries such as advertising services, temporary staffing, and accounting services all experience growth related to the uptick in economic activity. How is your business capitalizing on this holiday season?