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Editor’s Note: Get a street-side view of the biggest Thanksgiving Day parades around the country. From New York to Chicago, Houston and more, will take you there live and feature celebrity guests sharing their own family traditions. Watch ‘Thanksgiving in America’ on and Max on Thursday, November 28 at 8 a.m. ET.
Thanksgiving means football, food and, for some, crazy family reunions. It can also mean the stress of shopping (and paying) for a big dinner.
The cost of groceries for Thanksgiving dinner for 10 people has decreased two years in a row but remains 19% higher than before the pandemic, according to the American Farm Bureau Federation.
Almost half of people hosting Thanksgiving dinner are concerned about cost, according to a survey by Deloitte published on November 19. Food prices shot up during the pandemic because of supply chain disruptions and increased demand for food at home. And in 2022, an outbreak of avian flu sent egg and poultry prices higher.
Inflation has cooled significantly since its four-decade high in 2022, but that just means prices are increasing at a slower rate. Prices are still about 21% higher than they were four years ago, according to Consumer Price Index data.
Yet there are ways to get the best bargain for your groceries.
Billy Roberts, a food economist at CoBank, told that consumers can “stretch their food dollars” by planning a shopping list and focusing on favorite dishes potentially saving money by ditching a side or paring down dessert.
Here are five ways to make Thanksgiving dinner more affordable.
Turkey is synonymous with Thanksgiving, but in recent years, soaring poultry prices led some to substitute a different main course. Turkey consumption between October 2023 and December 2023 was the lowest since 1980, according to a report by CoBank.
However, in the past year, turkey prices have settled. Turkey prices increased 7.2% year-over-year in October 2023 but decreased 3.9% year-over-year this October, according to Consumer Price Index data.
“Consumers are not finding that sticker shock when it comes to turkey, at least in the grocery store,” CoBank’s Roberts said.
The price for a 16-pound turkey this year is $25.67, according to the American Farm Bureau Federation, down 6.1% from last year.
The bird is also often used as a loss-leader in the days running up to Thanksgiving, meaning grocery stores will advertise a cheap turkey to lure customers into the store, hoping they’ll spend more on other groceries.
Josh Koebert, an author at FinanceBuzz who researched turkey prices at grocery stores across the US, told that loss-leader promotions are a great way to save on Thanksgiving dinner.
“A turkey is the most expensive part of the meal,” Koebert said. “If you can get that for a very limited price or even in some cases free, that takes a ton off of the bottom line when you’re putting food on the table for Thanksgiving dinner.”
Koebert told that doing research before going shopping is essential to getting the best bargain. “Taking a little bit of time before you actually step foot in the grocery store can save a lot on the backend,” he said.
Koebert said consumers should take advantage of grocery store apps, newsletters and websites that might have e-coupons or holiday deals. Additionally, shoppers should sign up for rewards programs and take advantage of points, he said.
Thanksgiving is associated with bountiful feasts, but cutting back on a side dish no one seems particularly interested in could save a few dollars, CoBank’s Roberts said.
He said the most important part is asking guests what their favorite dishes are and seeing if there are ways to trim down without upsetting the party or present an opportunity for a potluck.
Compare name brands and store brands
A report by Wells Fargo’s Agri-Food Institute estimated that shopping for Thanksgiving dinner for 10 people this year would cost $90 with name brands and $73 with store brands.
In other words, consumers could save up to $17 by using entirely store-brand products.
Robin Wenzel, a senior vice president and head of Wells Fargo’s Agri-Food Institute, told that the best option is to mix and match store brands and name brands. Some name brands have cut prices after overshooting in past years, while some store brands are raising prices due to increased demand.
Wenzel and her colleagues found that the price for a 12-ounce bag of fresh name-brand cranberries this year is down 3% from 2023. Meanwhile, the price for a 12-ounce bag of store-brand cranberries is up 6%.
Store-brand stuffing and dinner rolls were more affordable than the name-brand versions, Wells Fargo found.
Retailers across the country are offering deals for Thanksgiving dinner, competing to be a part of your holiday meal.
“Shop around this year,” Wenzel said. “We’re seeing a number of retailers advertise good deals that they’re providing to their shoppers for the Thanksgiving meal.”
Target’s Thanksgiving meal feeds four people and is priced at $20, which is a $5 decrease from 2023. The company’s shares slumped last week after announcing it expected flat holiday sales.
Hy-Vee, a grocery store chain in the Midwest and the South, is selling a Thanksgiving deal that includes a turkey, dessert and sides to feed up to six people starting at $30. Hy-Vee is also running a “buy a ham, get a turkey free” promotion through the end of November.
Aldi’s Thanksgiving meal feeds 10 people for $47, or $4.70 a person, and includes a Butterball turkey and ingredients to make a sweet potato casserole and pumpkin pie.
Walmart is offering a bundle that feeds eight people for less than $7 a person, and includes groceries for dinner, a frozen pecan pie and ingredients to make pumpkin pie.
Dessert might pinch your wallet the most this year.
Name-brand pumpkin pies are up 1% and store-brand ones are up 3% compared to a year ago, according to Wells Fargo’s Agri-Food Institute.
Butter prices are up 5.1% and sugar prices are up 2.2% year-over-year in October, according to Consumer Price Index data. CoBank’s Roberts said a year of rising cocoa prices also means desserts with chocolate might be more expensive.
Elevated egg prices further increase the cost of baking dessert. The average price for a dozen eggs was $3.37 in October, which was 12% lower than in September but still 62% higher than a year ago, according to data from the Bureau of Labor Statistics.
William Masters, an economist at the Friedman School of Nutrition Science and Policy at Tufts University, told that egg prices are volatile. “Prices for eggs always fluctuate a lot,” he said. “Demand is steady while production rises and falls for other reasons, not just avian flu.”
CoBank’s Roberts said consumers looking to save could consider paring down their dessert options.
The most important thing is to set a budget, use a shopping list and keep your eye out for different prices at different grocery stores online.
“Our shopping needs vary widely,” Masters said. “Each person has to look at their own bank balance and decide what they can afford.”
Shoppers who prepare can please their guests and take part in the holiday without unnecessary stress. But if your uncle wants to debate politics and lecture you on the merits of his generation well, we can’t help you there.
