Rapid Reads News

HOMEmiscentertainmentcorporateresearchwellnessathletics

Good news, the cost of Thanksgiving has gone down. Why?


Good news, the cost of Thanksgiving has gone down. Why?

These hands-free gadgets can be a huge help in the kitchen when you're preparing a multi-dish meal.

In a change of pace, here's a story about the cost of one meal going down instead of up because of rising food prices.

The cost of a Thanksgiving meal has decreased this year, according to the latest Wells Fargo Agri-Food Institute analysis.

The annual report takes a look at prices consumers will pay for a traditional Thanksgiving meal of turkey, sides such as vegetables, cranberries, stuffing and rolls, pumpkin pie and beverages for 10 people. USA TODAY was given an exclusive early look at Wells Fargo's report.

An all national-name brand menu for 10 people will cost $95 while an all private-label or store brand menu will cost $80, according to Wells Fargo.

What's happening with turkey prices

While the Consumer Price Index for the cost of food at home was up 2.7% in September compared to a year ago, Wells Fargo's Thanksgiving menu price has fallen by about 2% to 3%, depending on the shopper's strategy, said Michael Swanson, chief agricultural economist for Wells Fargo.

The two major reasons the food CPI has been higher this year has been rising beef costs and the earlier egg price spikes from the bird flu, said Swanson.

"When you back those two out of the index, it actually would be a very different story and Thanksgiving doesn't typically feature either of those elements," Swanson told USA TODAY.

Some other forecasts may show Thanksgiving prices rising, but Swanson said that's a difference between wholesale prices and prices for consumers.

There are also some retailers who planned better than others for the holiday, said Swanson. The bird flu affected some turkey flocks earlier this year, leaving the inventory lower this year than last. Retailers who locked in lower prices will be able to pass those on to shoppers, while others may have higher prices, Swanson said.

Both Aldi and Walmart announced recently that their Thanksgiving meals, which will feed 10 people, will cost $40, USA TODAY previously reported.

How are people planning to celebrate Thanksgiving?

People's meal prep plans vary for Thanksgiving. According to an NIQ survey, 39% plan to prepare the meal from scratch while 20% said they'd have a mix of store-bought and homemade items on the dinner table.

Shoppers are stressed about rising grocery prices, with 58% of those surveyed citing concern about food price inflation. As a result, 25% said they plan to buy more private label brands and 31% said they'll choose private label over name brands, when possible. There are still some - 5% - who said they will prioritize name brands.

Some people are also looking for other ways to cut down the cost of the celebration: 31% are having a smaller gathering, 31% are skipping "non-essentials" like floral arrangements and 27% are having smaller side dishes, according to NIQ.

How will parts of the Thanksgiving meal fare in prices?

Here's how prices for various popular parts of the Thanksgiving meal will fare:

Frozen vegetables: Private-label and national brands for frozen vegetables have varied in pricing this year. National name brand frozen vegetables are down 15% while private label veggies are up by 0.8%, according to Wells Fargo. Swanson said there is a continuation of shoppers feeling that store brands are acceptable and they're "not really sacrificing quality by buying the store brand." National brands have had to innovate and lower their prices to be competitive, he said. For those who prefer fresh vegetables, prices are similar or slightly higher than frozen vegetables.

Cranberries, gravy, rolls and pumpkin pie: Private brand dinner rolls had the biggest savings with a 22% price decrease this year, according to Wells Fargo. Several key side dishes such as stuffing, prepared gravy mix and fresh cranberries also dropped in price between 3% and 4% from last year. National brand pumpkin pies are also down 3%.

Prepared mashed potatoes: The popularity of prepared mashed potatoes on the Thanksgiving menu brought the dish onto the Wells Fargo Thanksgiving menu for the first time this year, said Swanson. While it is cheaper to peel and prepare fresh potatoes, many Americans are choosing the convenience of prepared mashed potato mixes, he said. Prices dropped 1.5% from last year.

Some side dish prices increased: Prepackaged salad mix rose by 0.3% and whipping cream went up 3% as the dairy category as a whole increased 1.4% year over year, according to the report.

Bring on the drinks: Drinks are a mixed bag this year. Beer prices are up 3% from a year ago while the wine category as a whole is flat or experiencing a small decline of 0.1% from last year. Soft drinks have seen both an increase and decrease: 12-ounce can prices have fallen 3% from last year, but 2-liter bottles are up 7%. However, even with that increase, the 2-liter bottle is still more economical, than 12-ounce cans, said Swanson.

Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at [email protected] or follow her on X, Facebook or Instagram @blinfisher and @blinfisher.bsky.social on Bluesky. Sign up for our free The Daily Money newsletter, which breaks down complex consumer and financial news. Subscribe here.

Previous articleNext article

POPULAR CATEGORY

misc

6158

entertainment

6794

corporate

5547

research

3554

wellness

5632

athletics

6865