Thanksgiving Shifts Amid Economic Pressures #

Thanksgiving, synonymous with football, food, and family gatherings, also brings financial stress due to shopping for a large dinner. The cost of Thanksgiving groceries for ten people has decreased for two consecutive years, yet it remains 19% higher than pre-pandemic levels. Nearly half of hosts are concerned about expenses as food prices surged during the pandemic due to supply chain disruptions and increased at-home demand. Though inflation has significantly cooled from its peak in 2022, prices are still about 21% higher than four years ago.

For many, turkey is a Thanksgiving staple, though rising poultry prices have led some to seek alternatives. Even though turkey consumption has hit a low since 1980, costs have stabilized with turkey prices decreasing by 3.9% compared to the previous year. The price for a 16-pound turkey this year is $25.67, down 6.1% from last year. “Consumers are not finding that sticker shock when it comes to turkey,” as stores use turkeys as loss leaders to attract customers.

Shrewd shopping strategies can make Thanksgiving more budget-friendly. Creating a shopping list, focusing on essential and favorite dishes, and opting for store brands over name brands can significantly cut costs. For instance, a Thanksgiving dinner for ten could cost $90 with name brands, but only $73 with store brands, offering a $17 saving.

Retailers are presenting competitive deals; a Thanksgiving meal at Target feeds four people for $20, Hy-Vee offers a package for six starting at $30, Aldi supplies a meal for ten at $47, and Walmart provides a bundle for less than $7 per person. Dessert remains a financial challenge, with pumpkin pie prices up and elevated costs for essentials like butter, sugar, and eggs. “Prices for eggs always fluctuate a lot,” due to factors beyond avian flu.

Consumers are advised to set a budget, use a shopping list, and remain vigilant for varied prices. Shoppers can enjoy the holiday without undue stress while managing their finances effectively.