Thanksgiving Spending

Thanksgiving is one of the biggest holidays of the year and shows the extent of consumer spending power. From the travel, to Thanksgiving dinner, to Black Friday, Thanksgiving week brings in a lot of economic gain for companies. According to Airlines for America, there was about 30.6 million passengers flying this Thanksgiving week which was a 5.7% increase from 2017. In 2017, Black Friday brought in about $7.9 billion while Cyber Monday brought in about $6.6 billion. Because of the extreme sales, billions of dollars are spent by consumers on these 2 days that were basically created for economic gain. Despite what one might think, the average price per pound of turkey plunges to $1.25 in November which is the lowest price besides in December. One would think that the extra demand for turkeys in November would cause an increase in price but actually, the opposite happens. The entire turkey industry is practically geared to prepare turkeys in time for Thanksgiving, with about 46 million turkeys eaten yearly. Not only do turkey industries prepare all year long for Thanksgiving, but so do lots of stored taking part in Black Friday. About 30% of annual retail sales occur between Black Friday and Christmas meaning a lot of retailers rely on Black Friday/Cyber Monday for earning a profit. This past Thanksgiving may have been the largest yet, with the most flights taken, most expensive dinners, and most spending on Black Friday/Cyber Monday.