Thanksgiving is just around the corner and it's shaping up to be less of a financial burden for many American families this year. According to the American Farm Bureau Federation (AFBF), the average cost of Thanksgiving dinner for ten people has dropped to approximately $58.08, marking a 5% decrease from last year's average of $61.17. It’s noteworthy to mention this is also down from the peak price of $64.05 experienced during the pandemic-induced turkey shortage of 2022.
This decrease can largely be attributed to lower turkey prices, which have fallen 6% to about $27 for a 16-pound bird, now making up 44% of the overall dinner cost. The AFBF's findings are based on a nationwide survey conducted to gauge the cost of typical Thanksgiving staples, including the turkey, sweet potatoes, stuffing, and pumpkin pie mix.
Despite the reduction, shoppers should note this year’s prices are still 19% higher than pre-pandemic levels. The persistent impact of inflation seen over the past few years means consumers are still facing higher prices than what they might have paid back in 2019. Zippy Duvall, President of the AFBF, commented on the situation, stating, “We are seeing modest improvements in the cost of a Thanksgiving dinner for a second year, but America’s families, including farm families, are still being hurt by high inflation.”
This point really highlights the complexity of the situation. While the overall price for Thanksgiving dinner is down compared to last year, economic pressures still loom. High fuel costs and labor shortages continue to affect food production and distribution, making certain items more expensive. For example, items like dinner rolls and cubed stuffing saw price increases of over 8% this year, largely due to rising labor costs, which have surged nearly 4% over the past year according to the U.S. Bureau of Labor Statistics.
Interestingly, some other key items on the Thanksgiving menu have also experienced price fluctuations. Sweet potatoes have dropped significantly by 26.2%, and whole milk, which is commonly used as an ingredient for many side dishes, is down approximately 14%, benefiting from favorable weather boosting dairy production. These reductions help lighten the load somewhat, allowing consumers to save on their Thanksgiving spreads.
The differences vary widely across the country. For Floridians, grocery prices are about 14% lower than what their counterparts pay out West. This significant regional price disparity can influence household budgets considerably, especially when planning Thanksgiving gatherings.
Many people are eager to expand their Thanksgiving meal this year. Those adding more traditional elements—like ham, russet potatoes, or green beans—will find the average cost rising to about $77.34, which is still 8% lower than last year. It remains important for families to shop smart, as major retailers are already rolling out promotions to entice budget-conscious consumers. Walmart, for example, has developed bundled Thanksgiving meals, offering 29 items—everything from a frozen turkey to sides—for under $55, serving eight people for less than $7 per person. Similarly, Target and Aldi have rolled out similar deals addressing budgetary concerns.
Even with these offers there are still concerns about food affordability. Experts remind consumers to take time to compare prices of store brands versus name brands, as consumers can see notable differences. For example, shopping entirely with store-brand products could potentially save up to $17 for meals served to ten people. Interestingly, some name-brand items, like canned cranberry sauce, are often cheaper than their store-brand counterparts.
Another layer to this vast discussion is the impact of the pandemic on turkey supplies. The reduction of turkey availability is largely attributed to bird flu outbreaks and other agricultural challenges. Despite demand cooling down, the U.S. has seen about 6% fewer turkeys provided this year compared to last, reaching historical lows not seen since 1985.
When it all boils down, many American families are finding their way toward more affordable choices this Thanksgiving. Zippy Duvall noted, “Low crop prices, poor growing weather, disasters, and shifting international markets all threaten farmers’ livelihoods. We need to keep these factors in mind as we navigate our grocery lists.”
For many, Thanksgiving isn’t just about the food; it's also about quality time spent with family and friends, reaffirmation of traditions, and expression of gratitude. Regardless of the economic challenges, people across the country are preparing to feast, gather and reflect what they are thankful for this holiday season. It's clear, this Thanksgiving, many households will be enjoying some sentimental favorites, perhaps with some slight alterations due to the ups and downs of food costs, but the spirit of giving thanks and sharing moments together remains strong.
This year’s data indicates marked fluctuations but also recognizes the resilience of American families and the agricultural sector as they adapt to economic pressures. They look forward to coming together, taking stock, and enjoying Thanksgiving, albeit with a watchful eye on their pocketbooks.
