After four days out of the office, we are back doing what we do best at the Food Institute offices: keeping an eye on the food industry. Although today is Cyber Monday, we are starting to get a look at that other Thanksgiving holiday: Black Friday.
Consumers spent an average of $78.70 per person on food, dining and entertainment over Thanksgiving weekend, according to the International Council of Shopping Centers (ICSC). Those who visited malls over the weekend spent $96.20 on dining and other experiences, on top of the more than $275 spent on holiday gifts and non-gift related items.
“As malls and shopping centers evolve, the ways in which the consumer experiences shopping continues to change as well,” said Tom McGee, President and CEO of ICSC. “What we are seeing over the course of the year, and more so during the holiday season, is consumers’ desire to take advantage of everything a mall has to offer whether that is dining, shopping or entertainment.”
Regarding all types of purchases, ICSC found that:
“Thanksgiving Weekend is a great indicator for what will be a holiday season full of spending, as we are seeing a very positive consumer sentiment and willingness to spend,” said McGee. “Shopping centers across the country should feel very optimistic about the season ahead. While the shopping season is longer this year, it’s not coming at the expense of the most popular shopping day of the year.”
However, retailers must consider the possibility of cybercrime during the holiday season, too. Merchants can expect a 30% increase in omnichannel fraudulent activity during the 2017 holiday season when compared to 2016, according to ACI Worldwide. Identity theft, account takeovers and friendly fraud will be among the biggest challenges this season, while the average fraud target value will rise to $215, reported Chain Store Age (Nov. 22).
Larger orders are on the rise at restaurants, as customers aim to feed their whole family and have leftovers for future meals, reported The Wall Street Journal (May 30).read more
In The Food Institute's recent webinar "Achieving a self-sustaining business model: Top 3 trends companies need to think about post-COVID-19," Greg Wank, CPA, CGMA, partner and leader of Anchin's food and beverage group, as well as David Eben founder and CEO of Carrington Farms, discussed how to have a more successful business while burning less capital and attaining self-sustainability. The following summarizes the salient points highlighted during the webinar.read more
Chris is a business writer and market analyst that focuses on the Markets, Legal and Washington sections of the Food Institute Report. In addition, he assists in compiling data for various Food Institute publications throughout the year. He invites you to contact him via email at email@example.com to talk about anything food-related.
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