Thanksgiving Feast Gets a Price Break
As families gather around the table this Thanksgiving, they can breathe a sigh of relief: the cost of a traditional feast is going down. According to the American Farm Bureau Federation, a classic Thanksgiving dinner for 10 people will cost an average of $58.08 in 2024, a 5% decrease from last year and a 9% drop from 2022.
Turkey Takes Center Stage
The star of the show, the turkey, is a major contributor to the price drop. A 16-pound bird accounts for 44% of the overall Thanksgiving grocery bill, and its national average cost is down 6% from 2023. While turkey supply is down due to the impact of bird flu, consumer demand has also decreased, leading to lower prices.
Other Ingredients See Price Drops
Whole milk, a staple ingredient in many recipes, has seen a 14% price decrease, thanks to favorable weather conditions for dairy cattle. However, not everything is cheaper: prices for processed products like dinner rolls and cubed stuffing have increased more than 8% from last year, largely due to non-food-related inflation such as labor costs.
Food Inflation Slows Down
After years of escalating costs, food inflation has slowed down, driving down prices for key staples. Economists attribute this to various supply-and-demand dynamics and an overarching decline in U.S. food inflation.
Tips for Savvy Shoppers
Consumers looking to save money on their Thanksgiving meal can do so by comparing store brands and name brands for certain grocery items. A menu of completely store-brand items can yield a total savings of $17, according to a Wells Fargo analysis. Research is key: while consumers often pay a premium for name-brand items, that’s not always the case this year.
A Welcome Relief
The decrease in prices will be welcome news to many households, nearly half of which are concerned about the cost of hosting Thanksgiving. While a classic Thanksgiving meal is still 19% pricier than it was in 2019, the relief from high prices will be a blessing for many families this holiday season.
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