As November unfurls its crisp embrace, the spirit of Thanksgiving gains momentum, drawing families together in gratitude and celebration. The table is set, laden with an assortment of culinary delights ready to be devoured. Amidst the joy and revelry, a noticeable breath of relief wafts in – the cost of a Thanksgiving feast is on a downward curve after years of climbing prices.
According to the American Farm Bureau Federation, the average cost of a traditional Thanksgiving meal for a group of 10 in 2024 is estimated at $58.08. This figure marks a 5% decrease from 2023 and a notable 9% drop from 2022. Let’s delve into what contributes to this downward trend and how households can make the most of their Thanksgiving festivities without breaking the bank.
Why the Decrease?
- Turkey Takes the Spotlight: Turkey, the star of the Thanksgiving table, plays a pivotal role in the overall costs. A 16-pound bird accounts for a hefty 44% of the total grocery bill. Despite lower turkey supply due to factors like the bird flu outbreak, prices have seen a 6% decline from the previous year.
- Supply and Demand Dynamics: Overall, other staples like whole milk have also seen price drops. Favorable weather for dairy cattle and favorable crop conditions have resulted in a 14% decrease in whole milk costs. However, it’s not all good news as prices for processed foods like dinner rolls and cubed stuffing have surged by over 8% due to factors like labor costs.
- Overall Food Inflation: The relief in Thanksgiving meal prices is part of a larger trend of tamer food inflation. A decline in U.S. food inflation has contributed significantly to this year’s cost decrease, making a classic Thanksgiving meal 19% pricier than it was in 2019.
While the Thanksgiving savings are a welcome reprieve for many households, it’s essential to navigate grocery aisles wisely to cushion your wallet. By balancing store brands and name brands judiciously, households can slice costs without compromising on taste or quality. So, as Thanksgiving beckons, embrace the warmth of togetherness and feasting without the financial worries that often accompany such celebrations.
