Declining Costs for a Thanksgiving Feast
Good news for Thanksgiving hosts this year: the cost of a traditional Thanksgiving meal is set to be more affordable in 2024, offering relief to families after several years of rising grocery bills.
The average cost of a “classic” Thanksgiving feast for ten people is $58.08, marking a 5% decrease from 2023 and a 9% drop from 2022, according to the American Farm Bureau Federation. The menu includes staples such as turkey, stuffing, sweet potatoes, dinner rolls, peas, cranberries, and pumpkin pie ingredients.
For households opting to add ham, potatoes, and green beans, the price increases to $77.34—still 8% lower than last year.
Driving Factors Behind the Decline
Key economic factors have contributed to the reduced costs:
- Turkey Prices Decline: The price of a 16-pound turkey has dropped 6% from 2023. Despite a significant decrease in turkey production due to bird flu, lower consumer demand has offset the reduced supply, bringing prices down.
- Food Inflation Eases: General food price inflation has stabilized, making ingredients like whole milk—down 14%—more affordable due to favorable weather boosting dairy production.
- Adjustments in Consumer Behavior: Per capita turkey consumption has declined, reflecting shifting preferences.
Lingering Challenges
Although the overall cost has decreased, Thanksgiving remains 19% pricier than it was in 2019. Some processed items, such as dinner rolls and cubed stuffing, saw price increases of over 8%, driven by higher labor costs across the supply chain.
Non-food inflation, energy costs, and lingering effects of past disruptions—like the bird flu epidemic and supply chain constraints—still influence certain food prices.
Saving Tips for 2024 Thanksgiving
Shoppers can cut costs further by making strategic choices:
- Mix Store Brands with Name Brands: A full menu of store-brand items can save up to $17 compared to name brands. However, some name-brand items, like cranberries, are cheaper this year, making research worthwhile.
- Early Shopping and Price Comparisons: Take advantage of store sales and promotions leading up to the holiday.
Thanksgiving Spending Outlook
Despite lower costs, 44% of hosts remain concerned about the expense of the holiday, according to a Deloitte survey. Still, with strategic shopping and declining prices for key ingredients, Thanksgiving 2024 promises to be a bit lighter on the wallet, allowing families to focus more on celebration and gratitude.