Highlighting successful programs of NCBA as a contractor to the Beef Checkoff .

AT A GLANCE

• Even though inflation has slowed , consumers are still worried about prices and balancing holiday expenditures with other expenses .

• Given still elevated food prices , consumers are spending cautiously and trading down on brands and retailers , prioritizing value over brand loyalty .

• Consumers are finding ways to save time and money , focusing on convenience , versatility and value . Beef ’ s versatility makes it a preferred choice for holiday meals , fitting into various dishes and mealtimes .

• Given the current economic landscape , consumers may lean toward budget-friendly beef cuts and recipes , maintaining the taste and quality of their meals without overspending .

With inflation dropping below 3 % since June of 2024 and the prime lending rate seeing a modest cut , consumers should be feeling some relief , but the price of consumer goods and services remain elevated . There is uncertainty as we look to the new administration following the election and large-scale global conflict . Consumers remain cautious as noted by the University of Michigan ’ s Sentiment Index of 70.5 for the month of October . 1 This year , the challenge lies in celebrating the holidays while keeping a close eye on budgets . Despite this , families will celebrate the endof-year holidays , from Thanksgiving to New Year ’ s , by spending quality time with loved ones . Beef , known for its great taste and versatility , remains a centerpiece of these celebrations , symbolizing tradition and indulgence .

In light of the upcoming holidays , the National Cattlemen ’ s Beef

Figure 1 : Holiday Season Concerns .

Association ( NCBA ), a contractor to the Beef Checkoff , presents a comprehensive analysis of holiday-related data based on a recent consumer survey and other reputable resources . This analysis offers valuable insights into holiday consumer preferences and behaviors and beef ’ s resilience amidst economic challenges . Balancing Budgets and Holiday Cheer

Many are approaching the 2024 holiday season with a degree of optimism . According to Circana , consumer sentiment and intentions have significantly improved compared to the last two years , and a notable 64 % of consumers look forward to the holidays , viewing them as a much-needed break . 2 Gathering with loved ones and sharing delicious beef meals remain central to these celebrations . 3 This year , there ’ s a focus on joyful experiences and creating memories while being mindful of budgets .

However , the expenses associated with end-of-year holidays can quickly add up , including costs for gifts , holiday meals , seasonal items and travel . Nevertheless , holiday spending is projected to increase this year with shifts in how consumers allocate their budgets . 4 According to JLL ’ s 2024 Holiday Shopping Survey , budgets have risen by 31.7 %, with the average consumer planning to spend $ 1,261 on gifts , holiday food and décor , and experiences , up from $ 958 last year . 4 While gifts are still important , there ’ s a notable shift toward spending more on holiday food and décor ( up 61 %), and holiday experiences and entertainment ( up 56.4 %), highlighting the essence of the holiday season — quality time and delicious food . ⁴

Prices remain high , despite inflation stabilizing at 2.4 % in September 2024 , the lowest rate since February 2021.8 The NCBA Holiday Consumer Survey shows inflation and rising costs are significant concerns for many , with more than half believing these factors will impact their holiday spending . 3 About 60 % of consumers expect to spend more on holiday food , with nearly half of them anticipating they ’ ll get the same amount or less for their money . 3 Shoppers are not only worried about prices but also about how to balance holiday expenses with other financial responsibilities . 3 Therefore , price and value will be crucial considerations throughout the end of the year .

As a result , many consumers are adjusting their shopping behaviors by adopting cost-saving strategies . These include looking for deals , using coupons , and stocking up or freezing items before the

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