Americans to spend less this Thanksgiving amid inflation and layoffs

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Nervous shoppers are saying they’ll buy less or switch to cheaper brands this holiday season, as inflation remains high and more Americans worry about whether they’ll be able to hold onto their jobs.

Among consumers, 70% say they intend to purchase less meat, seafood, or canned goods, a cheaper brand, or both, as the nation prepares for Thanksgiving and the winter holidays, according to an Ipsos survey conducted in mid-November. 

“Inflation is sort 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 grapple with,” says Chris Jackson, senior vice president at Ipsos. “What we’re seeing is consumers trying to make adjustments where they can to account for all the places where they’re seeing high costs.”

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