Technomic Finds Consumers Feeling More Flush This Black Friday

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Nov 26, 2014, 11:10 ET

CHICAGO, Nov. 26, 2014 /PRNewswire/ -- As the nation moves into the all-important year-end holiday season, Americans are feeling more comfortable about their own finances than they have in years. That's according to new research from Technomic Inc. and American Express, which finds that 42% of respondents in a poll of 500 nationally representative consumers see themselves as "living comfortably" or even "very well off"—compared to 34% of those polled in the same month last year and just 21% of respondents surveyed in November 2012.

The proportion of consumers reporting that they are struggling financially is down to just 13%, compared to 21% last November and 23% in 2012. The largest group remains those who say their families are "getting by" financially—45%, the same proportion as in the 2013 poll but down significantly from 57% in 2012.

How would you describe your current financial situation?

	2012	2013	2014
Very well off	1%	3%	4%
Living comfortably	20%	31%	38%
Getting by	57%	45%	45%
Struggling	23%	21%	13%

Base: 500 (2012, 2013, 2014). Totals may not = 100 due to rounding.
Source: Technomic Inc.; American Express

"We know that consumers base short-term spending decisions, from restaurant meals to retail purchases, on subjective feelings of economic confidence," said Mary Chapman, senior director of product innovation at Technomic Inc. "The fact that more families are feeling financially comfortable indicates that their mood is likely to be more celebratory throughout the year-end holidays. Prospects are bright for good December sales in retail stores, as well as for year-end dining—from special meals in full-service restaurants to fast-food stops made as part of the shopping rounds."

Consumers also increasingly rely on foodservice as part of Thanksgiving, the traditional kickoff to the year-end holiday season. In the Technomic/American Express poll, 12% reported that they planned to celebrate the Thanksgiving feast in a restaurant, hotel or club.

The vast majority will dine in their own home or the home of a family member or friend, but foodservice is likely to be at the table. One-third of respondents who expect to dine at home on Thursday say the meal will include at least one prepared ready-to-eat dish from a retailer or restaurant. In 2013, 29% included prepared foods in their Thanksgiving meal; the year before that, 27% did so.

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About Technomic
Only Technomic delivers a 360-degree view of the food industry. We drive growth and profitability for our clients by providing the most reliable, consumer-grounded, channel-relevant data with forward-looking strategic insights. Our services range from major research studies and management consulting solutions to online databases and simple fact-finding assignments. Our clients include food manufacturers and distributors, restaurants and retailers, other foodservice organizations, and various institutions aligned with the food industry. Visit us at technomic.com

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SOURCE Technomic