Is Your Thanksgiving Feast Getting Cheaper This Year? The Latest Survey Results Are In!

As the holiday season approaches, one question often weighs on the minds of those planning the quintessential American celebration: What will the Thanksgiving feast cost this year? Good news might be on the horizon for your wallet, according to a prominent annual survey that suggests a potential decrease in holiday meal expenses.

A Glimmer of Savings for Your Thanksgiving Dinner

The American Farm Bureau Federation (AFBF), a leading advocacy group for U.S. farmers, has released its 40th annual survey on the average cost of Thanksgiving dinner. The findings indicate that the price tag for a traditional holiday meal for 10 people could be approximately $55.18. This figure represents a welcome reduction of $2.90 compared to last year’s costs, marking the third consecutive year that prices have shown a decline in their comprehensive report.

What Goes Into the AFBF’s Classic Thanksgiving Meal?

The AFBF’s survey meticulously tracks the cost of a full holiday spread, designed to feed a gathering of ten. This classic menu includes:

• A 16-pound turkey – often the centerpiece of any Thanksgiving table.
• 30 ounces of pumpkin pie mix, ready for a delicious dessert.
• 14 ounces of cubed stuffing mix, a savory staple.
• A dozen dinner rolls to accompany the meal.
• 12 ounces of fresh cranberries, perfect for sauce.
• Three pounds of sweet potatoes, a versatile side dish.
• Two frozen pie shells, simplifying dessert preparations.
• A gallon of whole milk, a household essential.
• A pound of frozen peas, for a touch of green.
• A one-pound veggie tray, offering fresh variety.
• Half a pint of whipping cream, the ideal pie topping.
• Various miscellaneous ingredients needed for preparation.

Behind the Numbers: How the Survey is Conducted

To compile this invaluable report, the AFBF relies on dedicated volunteer shoppers from all 50 U.S. states and Puerto Rico. These shoppers are tasked with finding the best possible prices for each item, diligently scouring grocery stores. It’s important to note that their methodology specifically excludes special promotional coupons or combined purchase deals, aiming to capture the baseline cost of these essential ingredients.

Key Price Shifts: Turkey Down, Sweet Potatoes Up

While the overall trend points to a slight decrease, individual item prices tell a more nuanced story. The survey data reveals that food prices experienced an upward trend in 2021 and 2022 before starting their recent decline. Notably, the 2022 price was nearly $9 higher than what’s projected for this year.

The most significant changes were observed in two traditional favorites:

• Turkey: The cost of a 16-pound turkey saw a welcome drop, decreasing from $25.67 last year to an estimated $21.50 for this upcoming holiday.
• Sweet Potatoes: On the other hand, sweet potatoes experienced a substantial increase of over one-third, bringing their price to roughly $4 this year.

Thanksgiving Costs Through the Decades: Adjusting for Inflation

Comparing today’s prices to previous generations can offer a fascinating perspective. For instance, the AFBF notes that purchasing the same ingredients would have cost approximately $24.16 back in 1987. While this might seem like a drastic increase over the decades, it’s crucial to consider the impact of inflation.

When adjusted for inflation, the actual cost of Thanksgiving dinner has, in fact, become more affordable. That very same 1987 meal, if purchased with today’s buying power, would cost around $68. This highlights the remarkable efficiency and productivity of the agricultural sector, ensuring that this cherished holiday remains accessible for families across the nation. For more insights on food prices and inflation, you can explore data from the U.S. Department of Agriculture (USDA).

Plan Your Budget-Friendly Thanksgiving!

Armed with these insights, you can approach your Thanksgiving meal planning with a clearer understanding of potential costs. Whether you’re hosting a grand feast or an intimate gathering, the opportunity for a delicious and potentially more budget-friendly celebration awaits!