Thanksgiving Grocery Costs: A Financial Perspective from Extreme Investor Network
Thanksgiving is not just a holiday; it is a cherished tradition where families gather to express gratitude and share a feast. However, this year, many American families may also find a mixed bag when it comes to their grocery bills. According to the American Farm Bureau Federation, the average cost of a classic Thanksgiving feast for 10 people is estimated to be $58.08 in 2024—a welcome decrease of about 5% from 2023 and 9% from 2022.
Understanding the Cost Breakdown
In creating this year’s Thanksgiving grocery list, the Farm Bureau’s analysis includes essential items such as turkey, stuffing, sweet potatoes, dinner rolls, fresh cranberries, and pumpkin pie mix. A typical basket of these items represents a significant expense, and this decline in costs is certainly noteworthy, especially considering the peaks seen in recent years.
In 2022, the same meal would have set families back by $64.05—the highest price on record. How can families plan for a holiday meal while remaining financially savvy? Let’s delve deeper into the factors influencing these changes and how you can make the most of your budget this Thanksgiving.
Turkey Prices: A Closer Look
When considering the costs for Thanksgiving, turkey is undoubtedly the heavyweight champion—in many households, it accounts for 44% of the overall grocery bill. In 2024, the average cost for a 16-pound turkey is projected to drop by 6% compared to last year. This decline stems from a combination of decreased production and a slight slip in consumer demand, likely influenced by changing dietary trends.
The U.S. Department of Agriculture reports a staggering 205 million turkeys were raised in 2024—a decline of 6% from 2023, marking the lowest production since 1985. Many factors contribute to this situation, including a significant bird flu outbreak that resulted in the loss of approximately 14 million turkeys since 2022. While prices have fallen, it’s important to keep in mind that they remain 19% higher than pre-2019 levels.
Not Everything is Cheaper
Contrary to the overall decline in grocery costs, some staples have seen price hikes. Items like processed foods, including dinner rolls and stuffing, increased by more than 8% due to rising labor costs and inflationary pressures unrelated to agricultural production.
Interestingly, while dairy prices have dropped—whole milk is down 14% this year—you’ll still find certain ingredients have become more expensive. It’s essential to balance your shopping list to accommodate these shifts without breaking the bank.
A Menu for Savings: Tips from Extreme Investor Network
As you prepare for Thanksgiving, keeping your budget in check can be easy with a little strategy. Here are some tips to help you save money while ensuring a delicious holiday feast:
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Mix and Match Brands: Explore both store brands and name brands while shopping. For instance, a menu entirely made up of store-brand items could lead to total savings of $17 for ten guests, according to a Wells Fargo analysis.
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Seasonal Shopping: Stick to ingredients that are in-season. They are often less expensive and more flavorful, whether you’re sourcing your products from a local farmer’s market or the grocery store.
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Plan and Prepare: Make a detailed shopping list based on the recipes you plan to make. This approach helps prevent impulse purchases that can add up quickly.
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Use Leftovers: Plan for utilitarian recipes that incorporate Thanksgiving leftovers to minimize waste and extend your grocery budget post-holiday.
- Stay Informed: Keep an eye on grocery store promotions. You might find deals that save you money on essential items, such as turkey or canned goods.
Conclusion: A Time for Gratitude and Financial Savvy
Thanksgiving brings a wonderful opportunity to reflect and express gratitude for family, friends, and life’s blessings, but it can also strain budgets if not managed properly. With prices stabilizing and in some cases decreasing, this year presents an excellent opportunity for families to enjoy their traditions without overspending.
At Extreme Investor Network, we believe that financial wellness extends beyond investments; it’s about making informed decisions—especially when it comes to celebrating precious moments like Thanksgiving. By adopting these mindful shopping strategies, you can enjoy a festive meal without the financial hangover. Happy Thanksgiving!