Along with turkeys, stuffing and pumpkin pie, millions of Americans will enjoy another longstanding tradition on Thursday: the Macy's Thanksgiving Day Parade.

Celebrating its 88th year, the parade will feature dozens of giant balloons and entertainers as it marches down the streets of Manhattan to Herald Square on 34th Street.

"Like turkey dinner and gathering with family, tradition means everything on Thanksgiving and we're thrilled to once again telecast the Macy's Thanksgiving Day Parade," said Doug Vaughan, Executive Vice President, Special Programs and Late Night, NBC Entertainment, according to WPXI. "It's an annual heartwarming event that helps celebrate the holiday season."

More than 8,000 people will participate in the parade, as 3.5 spectators cheer them on and over 50 million more watch the nationally televised event.

Viewers can also expect to see performances from Hilary Duff, Renee Fleming, Becky G., Lucy Hale, Nick Jonas, KISS, Sandra Lee, The Madden Brothers, Idina Menzel, Miss USA 2014 Nia Sanchez and the Muppets of Sesame Street.

According to Macy's Parade executive producer Amy Kule, this year's parade will see the "largest new cast of giant character balloons ever assembled," including five new floats, reports the Christian Post.

"Tens of millions of spectators will be amazed by what we have in store," said Kule.

This year, Macy's will introduce a half a dozen new balloon characters, including Peruvian bear Paddington, Pikachu, the Pillsbury Doughboy, the Red Mighty Morphin Power Ranger, the Skylanders Eruptor and Thomas the Tank Engine. They will fill the sky along with traditional balloons, like Snoopy and Woodstock, Spider-Man, Harold the Fireman and SpongeBob SquarePants.

Kule has also confirmed that one of the floats will feature a live-stream feed, 360-degree panoramic photos and a confetti carpet.

"In addition to an incredible line up of celebrity performers, America's best high school and college marching bands, hundreds of dancers, cheerleaders, clowns, and balloon handlers, we are adding some new layers of interactivity to the Parade for the first time this year. From live cameras on a float capturing special moments along the route to incredible 360-degree panoramic photos where fans can find themselves part the action, and finally, through our Confetti Carpet, the behind the scenes look at the starting line with our celebrity performers; we are bringing the Macy's Parade closer to audiences in New York City and in homes across the country," she said.

The parade starts at 9 a.m. EST at 77th Street and Central Park West and will be featured on NBC's "Today." You can also watch it via live stream here.