Americans are cutting back and trading down for Thanksgiving

Seventy percent of consumers plan to reduce their purchases, trade down to a cheaper brand or both to make their Thanksgiving meals, according to an Ipsos survey. “Inflation is sort of a fancy term for people having to pay more for the same amount of stuff and I think that’s the reality that consumers are trying to grapple with," said Chris Jackson, senior vice president at Ipsos. "What we're seeing is consumers trying to make adjustments where they can to account for all the places where they're seeing high costs."