Don’t expect to pay what you did last year for your Thanksgiving meal.
Industry experts are predicting major fluctuation in food costs for the holiday this year, and you might be in for a surprise.
Average Cost of Thanksgiving Is Declining For The Most Part
While some will tell you that “everything costs more,” that doesn’t exactly ring true when it comes to Thanksgiving. That’s unless you suddenly decide to invite your entire family, your neighbors, coworkers and all of their families over to eat this year.
The cost of Thanksgiving dinner is declining. In 2023, the average cost of a Thanksgiving meal was down 4.5% compared to the previous year.
Thanksgiving meal with receipt
This didn’t necessarily stop people from spending a bunch on Thanksgiving. Even though cheaper options were available, Americans spent an average of $61.16 per Thanksgiving meal in 2023 making it the second highest annual average of all-time.
What Is The Average Cost Of A Turkey This Year?
A lot of the price fluctuation from year to year has to do with the cost of the turkey.
In 2022, supply chain issues drove up the cost of turkeys and the price of annual holiday meals. The story was much different the following year when an abundance of the birds led to a 22% drop in turkey prices.
The trend is predicted to continue on into 2024. Recent estimates released by Wells Fargo show turkey prices dropping 16% compared to 2023.
The lower price may sway some to choose turkey over ham this year. The same report says ham prices will likely be about 5.2% higher than what we saw last year.
Expected Prices Of Thanksgiving Meal Items Besides Turkey
Many of what some consider to be Thanksgiving staples will also see considerable price changes when shopping for their meal this year.
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Wells Fargo says fresh cranberry prices are down around 20% while canned cranberry sauce costs approximately 7% more.
Sweet potato prices are up 4% while the same study had the average cost of Russet potatoes at $1.17 per pound, up from $1.08 last year.
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