The 2024 Thanksgiving dinner is shaping up to be more affordable for many American families compared to previous years, according to recent data from several sources, including the American Farm Bureau Federation. This year's feast, which serves ten people, averages around $58.08, translating to about $5.81 per person. This marks a 5% decrease from last year, which itself saw prices drop by 4.5%. Despite the decrease, the cost remains 19% higher than pre-pandemic levels, signaling continued economic challenges for consumers.
The survey highlighted various factors contributing to the lower prices this year. Specifically, reduced demand for turkey has driven prices down, allowing families to enjoy the classic Thanksgiving meal at somewhat lower costs. Essentials like sweet potatoes, frozen pie crusts, pumpkin pie mix, frozen peas, and veggie trays also saw price drops. On the flip side, some items such as cubed stuffing mix, whipping cream, dinner rolls, and cranberries became pricier.
Regionally, the picture is somewhat lopsided. Consumers living in the West are not feeling the same relief. Costs remain particularly high there, with the average Thanksgiving meal costing around $67.05, marking about a 5% increase from 2023. The significant price tag on the West Coast raises concerns for families already feeling the pinch from high living costs.
The American Farm Bureau’s annual survey, completed by volunteers sourcing grocery prices across the country, helps provide valuable insights. The classic Thanksgiving menu—which includes turkey, stuffing, sweet potatoes, rolls, peas, cranberries, and pumpkin pie—has been unchanged since 1986, ensuring consistent price comparisons. Interestingly, when additional dishes like boneless ham, russet potatoes, and frozen green beans are added, the cost shoots up to approximately $93.33 for the West.
Garrett Hawkins, president of Missouri Farm Bureau, provided insight on the situation, noting, “We’re experiencing a time of pretty low commodity prices. Turkey prices are down for consumers; that's a good thing.” Yet, it is also explained why many prices still hover above those pre-COVID-19 levels: higher costs for energy, transportation, and inflation have logically trickled down to consumers buying Thanksgiving ingredients.
Although the average cost for Thanksgiving dinner has decreased, there’s always economic fluctuation affecting families, making budgeting for the holidays necessary. Lawmakers have set their eyes on various drafts of the upcoming farm bill, which may play a role in stabilizing or improving food prices over time. This year, lawmakers are discussing proposed bailout packages aimed at helping farmers remain afloat amid volatile prices and operational costs.
With Thanksgiving just around the corner, those planning their family meals will feel somewhat relieved yet cautious. Last year posed fewer options for saving, but this year, many can indulge again without breaking the bank, albeit with some exceptions for those residing on the West Coast. Navigable improvements are being seen, yet the economic stakes—and the potential impact of government policies—will remain tightly intertwined as families reflect on what Thanksgiving means amid changing economic tides.
While savvy shoppers might be able to maximize deals, many Americans are still worrying about how to keep their dining tables stocked without cutting too deep. Inflation continues to loom—28% higher than just five years ago—and households remain vigilant as they head toward the holiday season.
Nonetheless, the 2024 Thanksgiving meal offers a beacon of hope as families look forward to celebrating together, showcasing traditional dishes at more manageable costs. This year, families can gather to celebrate their gratitude with all the trimmings, and some will even feel the effects of lower prices, especially when compared to the steep spikes of previous years.
