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Thanksgiving means football, food and, for some, crazy family reunions. It can also mean the stress of shopping (and paying). for a big one dinner.
According to the American Farm Bureau Federation, the cost of groceries for Thanksgiving dinner for 10 people has fallen two years in a row, but remains 19% higher than before the pandemic.
Nearly half of people who host Thanksgiving dinner are concerned about the cost, according to a Deloitte survey published Nov. 19. Food prices skyrocketed during the pandemic due to supply chain disruptions and increased demand for food domestically. And in 2022, an outbreak of bird flu caused egg and poultry prices to soar.
Inflation has cooled significantly from a four-decade high in 2022, but that just means prices are rising more slowly. According to data from the Consumer Price Index, prices are still about 21% higher than four years ago.
Still, there are ways to get the best bargain on your groceries.
Billy Roberts, a food economist at CoBank, told CNN that consumers can “stretch their food budget” by planning a shopping list and focusing on favorite dishes — potentially saving money by forgoing a side dish or leaving out a dessert.
Here are five ways to make Thanksgiving dinner more affordable.
Turkey is synonymous with Thanksgiving, but in recent years rising poultry prices have prompted some to substitute another main dish. Turkish consumption between October 2023 and December 2023 was the lowest since 1980, according to a CoBank report.
However, turkey prices have remained stable over the past year. According to Consumer Price Index data, prices in Turkey rose 7.2% year-on-year in October 2023, but fell 3.9% year-on-year in October.
“Consumers don’t experience that sticker shock when it comes to turkey, at least not in the supermarket,” Roberts of CoBank said.
According to the American Farm Bureau Federation, the price for a 16-pound turkey this year is $25.67, down 6.1% from last year.
The bird is also often used as a loss leader in the days leading up to Thanksgiving, meaning supermarkets will advertise a cheap turkey to draw customers into the store, hoping they will spend more on other groceries.
Josh Koebert, a writer at FinanceBuzz who researched turkey prices at U.S. grocery stores, told CNN that loss leader promotions are a great way to save on Thanksgiving dinner.
“A turkey is the most expensive part of the meal,” says Koebert. “If you can get that for a very limited price or even for free in some cases, that takes a lot of the profit out of putting food on the table for Thanksgiving dinner.”
Koebert told CNN that doing research before shopping is essential to getting the best bargains. “If you take a moment before you actually enter the supermarket, you can save a lot on the backend,” he says.
Koebert said consumers should take advantage of grocery apps, newsletters and websites that have that option e-coupons or holiday deals. Additionally, shoppers should sign up for rewards programs and take advantage of points, he said.
Thanksgiving is associated with lavish feasting, but skimping on a side dish that 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 cut back without disrupting the party — or providing an opportunity for a potluck.
Compare major and store brands
A report from Wells Fargo’s Agri-Food Institute estimated that shopping for Thanksgiving dinner for 10 people would cost this year $90 with name brands and $73 with store brands.
In other words, consumers could save up to $17 by using completely private label products.
Robin Wenzel, senior vice president and chief executive of Wells Fargo’s Agri-Food Institute, told CNN this is the best option mix and match store brands and name brands. Some well-known brands have lowered prices after overshooting in recent years, while some private labels are increasing their prices due to increased demand.
Wenzel and her colleagues found that the price for a 12-ounce bag of store-brand fresh cranberries has fallen 3% this year compared to 2023. Meanwhile, the price for a 12-ounce bag of store-brand cranberries has increased 6%.
Store-brand stuffing and dinner rolls were cheaper than the brand-name versions, Wells Fargo found.
Retailers across the country are offering Thanksgiving dinner deals and competing to be part of your holiday meal.
“Go look around this year,” Wenzel said. “We are seeing some retailers advertising great deals they are offering to their customers for the Thanksgiving meal.”
Target’s Thanksgiving meal feeds four people and costs $20, which is down $5 from 2023. The company’s shares fell last week after it said it expected flat sales during the holiday season.
Hy-Vee, a supermarket 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 also has a “buy a ham, get one” promotion through the end of November a turkey for free’ promotion.
Aldi’s Thanksgiving meal feeds 10 people for $47, or $4.70 per person, and includes a Butterball turkey and ingredients to make a sweet potato and pumpkin pie casserole.
Walmart is offering a bundle that feeds eight people for less than $7 per person including groceries for dinner, a frozen pecan pie, and ingredients to make pumpkin pie.
Dessert may be the biggest hit on your wallet this year.
According to Wells Fargo’s Agri-Food Institute, name brand pumpkin pies are up 1% and store brand pies are up 3%.
Butter prices rose 5.1% in October and sugar prices rose 2.2% year-on-year, according to data from the Consumer Price Index. CoBank’s Roberts said a year of rising cocoa prices also means chocolate desserts could become more expensive.
Increased egg prices further increase the cost of baking desserts. The average price for a dozen eggs was $3.37 in October, which was 12% lower than 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 CNN that egg prices are volatile. “Prices for eggs always fluctuate widely,” he says. “The demand is stable while production rises and falls for other reasons, not just bird flu.”
CoBank’s Roberts said consumers looking to save may consider reducing their dessert options.
The most important thing is to set a budget, use a shopping list and pay attention to the different prices at different supermarkets online.
“Our shopping needs vary widely,” Masters said. “Everyone needs to look at their own bank balance and decide what they can afford.”
Shoppers who prepare can please their guests and participate in the holiday without unnecessary stress. But if your uncle wants to debate politics and lecture you on the merits of his generation, we can’t help you there.