Will Inflation Ruin Your Thanksgiving Dinner? Here’s The Cost of Thanksgiving Dinner This Year
Written by
G. Brian Davis
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While inflation has run less hot in 2024, groceries remain far more expensive than pre-pandemic prices.
“Thanksgiving dinner essentials, including poultry, fresh vegetables and dairy products, have faced significant price hikes this year,” explains Joanna Clark-Simpson, Head of Consumer Research and Marketing at PissedConsumer.com. “According to our survey, 76.3% of consumers have noticed a rise in 2024 Thanksgiving dinner costs.”
But just how much more expensive is Thanksgiving dinner in 2024? And how can hosts cut the costs of feeding hungry family members?
Grocery Trends
The U.S. Department of Agriculture reports that food prices rose 25% from 2019-2023. In 2024, grocery prices have continued rising, but less quickly. The latest Consumer Price Index shows that at-home food prices have risen 1.3% over the last 12 months.
Consumers have noticed, too. Clark-Simpson notes that “74.1% of our respondents indicate that inflation is affecting their holiday shopping overall. For many, this year’s celebration will involve mindful adjustments to manage these rising costs without losing the holiday spirit.”
Turkey & Beef
A 2024 study by Wells Fargo found that name-brand turkeys have dipped slightly over the last year. Brand birds are selling for 2% less — but generic turkey prices are up 5%.
Even so, store brand turkeys still cost less per pound than their name-brand counterparts.
Turkeys also cost far less than beef in today’s market. Beef prices have skyrocketed since the pandemic, due to a nasty combination of drought, high grain prices, and high interest rates. That combination has compounded the problem by forcing some cattle ranchers to reduce their herds, or go out of business altogether. Cattle inventory currently sits at its lowest level since 1951, according to the American Farm Bureau Federation.
In other words, stick with turkey or chicken this Thanksgiving.
Other Thanksgiving Staples
The Wells Fargo report found that stuffing prices have risen sharply this year. Stuffing brands have raised prices by a steep 9%, but shoppers can save by buying store brands (up 3%).
Fortunately, salad prices have dipped since last Thanksgiving. Name-brand salad mixes have dropped 2% in price while generic salad mixes are down 1%.
Cranberry crops have yielded 2% more this harvest, so name-brand cranberry prices are expected to dip 3%.
Premade pumpkin prices have risen, up 1% for name brands and 3% for store brands.
As for something to wash all that food down with, wine prices are up 2.4%, while beer is up 3.3%.
Tips for an Inflation-Free Thanksgiving Meal
Aside from eating more salad and cranberries and less stuffing, try these tips to reduce your Thanksgiving budget shock.
Look at Generic Brands First
At the risk of stating the obvious, store brands almost always cost less than name brands.
And sometimes, they taste just as good — or even better. Check generic prices before splurging on the name brands.
Shop Early & Look for Bundles
“Having a clear plan and purchasing what you can early allows you to avoid price spikes and last-minute spending,” advises Shawn Brady, co-founder of health and wellness company MIT45.
Shopping early also lets you seek out bundled deals. For example, Walmart is advertising an “inflation-free holiday dinner” for eight people at a price of $49, or around $6 per person.
Make Dishes from Scratch
It almost always costs less to make dishes from scratch rather than to buy premade foods. In fact, the Walmart bundle includes the raw ingredients — which you must then prepare and cook yourself.
Besides, making dishes from scratch almost always turns out healthier than processed premade foods anyway.
Buy & Bake in Bulk
Buying in bulk saves money, and cooking in bulk saves time.
Kelly Ravestijn points to a 2024 study by Advantage Solutions: “We found that 59% of hosts are considering buying Thanksgiving items in bulk and splitting them with friends and family this year to save money.”
Consider making your Thanksgiving dinner a potluck, and putting each guest in charge of one dish. That keeps everyone’s costs and cooking time manageable and lets each person buy and bake in bulk.
While you’re at it, ask them to bring a bottle of their favorite beverage, so they don’t drink you out of house and home.
Thanksgiving doesn’t have to be outrageously expensive, even in an era of hot inflation. Plan your meal in advance, enlist your guests’ help, opt for less expensive options like turkey instead of beef, and you’ll survive the forced family reunion relatively unscathed.
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