November 2024
What's New
Consumer Optimism Rises
- Consumer sentiment improved notably from 70.5 points in October to 71.8 points in November 2024, according to the University of Michigan. This was driven by a robust increase in the Expectations component of the Index while the rating for Current Conditions fell. Inflation remained a concern but the Index suggests that consumers are becoming more optimistic.
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- This optimism was reflected during post-Thanksgiving shopping. Adobe Analytics estimated the total spending of $40.6 billion for Thanksgiving Day through Cyber Monday, an increase of 7% over 2023. Online shoppers spent a record $10.8 billion, a 10% increase over 2023 and double the amount spent in 2017. More than half, 55%, of online sales came through mobile devices. Mastercard SpendingPulse reported a 3.4% increase year-over-year for instore purchases on Black Friday.
- Holidays and special occasions remain a time when consumers splurge a bit more. Total food and beverages in Circana’s MULO+ outlets increased 12.4% the week of Thanksgiving and 3.7% for the month of November, with aboveaverage increases for the meat and produce departments.
- Various retailers, CPG companies and research companies released their 2025 trend predictions. Areas of commonality include:
- An all-day focus on protein and the rise of functional ingredients.
- Global cuisine and flavor experiences from pickled and miso to ultra sour and spicy.
- Continued intentional spending weighing money-well-spent versus money-well-saved.
State of Produce
November 2024 | Price/Lb. | $ Sales | $ vs. YA | Lbs. vs. YA |
Fresh Fruits | $1.87 | +0.0% | $3.3B | +4.9% | +5.0% |
Fresh Vegetables | $1.82 | -0.4% | $3.5B | +4.2% | +4.6% |
Top Growth Commodities (NEW $)
Absolute $ gain vs. YA
Berries | +$84M |
Avocados | +$42M |
Onions | +$24M |
Kiwis | +$22M |
Peppers | +$22M |
Tomatoes | +$21M |
Mangoes | +$20M |
Cucumbers | +$18M |
Lettuce | +$11M |