Thanksgiving is a beloved holiday in the United States, celebrated with family gatherings, elaborate feasts, and a feeling of thankfulness.
Every year, the American Farm Bureau Federation (AFBF) conducts a price poll to establish the average cost of a traditional Thanksgiving meal.
In 2024, the study reveals fascinating developments in the cost of a Thanksgiving feast, illustrating regional differences and changes in food costs since the pandemic.
Average costs for 2024
This year, the average cost of a Thanksgiving dinner is $54.33, which is a decrease from 2023.
However, this price reflects a $8.64 rise over the average pre-pandemic expenditures.
Despite a minor decrease in total price, certain commodities, such as turkey, have experienced considerable price increases.
The turkey is, without question, the centrepiece of any Thanksgiving meal. In 2024, the average cost of a turkey is predicted to be $25.67, up $4.87 over pre-pandemic costs.
This significant increase reflects persistent inflationary pressures on food prices, which have impacted not only poultry but also other products present on holiday tables around the country.
Analyzing Thanksgiving dinner costs in 2024
Thanksgiving dinner, with its cornucopia of traditional dishes, is a cultural institution in America.
This year, the costs involved with the holiday feast show varied tendencies, with certain goods seeing price drops and others seeing price hikes.
A prominent highlight of this year’s American Farm Bureau Federation (AFBF) poll is the varying pricing of turkey and other crucial ingredients, as well as the different variables that influence these variations.
“The turkey is traditionally the main attraction on the Thanksgiving table and is typically the most expensive part of the meal,” said AFBF Economist Bernt Nelson.
Despite being the centrepiece, the price of turkey has shown signs of decline, influenced by a smaller American turkey flock, which is “the smallest it’s been since 1985 due of avian influenza.”
Interestingly, lesser overall demand has led to lower grocery store costs, offering some respite for families planning this year’s holiday meal.
The Farm Bureau’s informal survey included a detailed shopping list of basic Thanksgiving ingredients: turkey, stuffing, sweet potatoes, rolls, peas, cranberries, a veggie tray, and pumpkin pie with whipped cream, all in quantities suitable to serve a group of ten.
The majority of these goods, notably fresh vegetables, saw price drops, reflecting the year’s overall price volatility in crops.
Furthermore, the cost of whole milk fell by more than 14%, owing to excellent meteorological conditions benefiting dairy farms.
However, it is important to note that milk prices vary significantly across the United States.
While many ingredients have become more affordable, certain basic mainstays are experiencing cost increases.
For example, dinner rolls and cubed stuffing increased by 8% due to rising labour costs and associated food processing charges.
Furthermore, cranberry prices rose nearly 12% year on year, despite a large decline of 18% in 2023, implying that this year’s surge is bringing prices closer to historical norms.
Excluding last year’s aberration, this year’s cranberry prices are the lowest since 2015, demonstrating the intricate interplay between supply networks and consumer demand as families prepare to gather around the holiday table.
Historical context: From pandemic prices to present
The average price of Thanksgiving dinner will fall for the second time in a row in 2024, but this decrease will not cancel out the significant price rises recorded during the epidemic years.
Between 2020 and 2022, the average cost of a Thanksgiving lunch increased from $46.90 to $64.05, owing primarily to inflation and growing farm costs.
These historical data highlight the ongoing volatility of food prices and the pandemic’s long-term influence on consumer costs.
Regional price variations
One fascinating finding of the AFBF poll is the regional variation in the average cost of Thanksgiving dinner across the United States.
The South has the most affordable costs, with an average dinner costing $56.81, while the West has the highest expenses at $67.05.
These variations can be related to local agriculture, transportation costs, and market factors that affect prices in different geographic areas.
As families approach the Thanksgiving holiday in 2024, understanding the financial dynamics of the celebratory dinner might help them make budgeting and shopping decisions.
While the average price has decreased from the previous year, the consequences of the pandemic and inflation are still visible in the prices of major components, particularly turkey.
Thanksgiving is still a time of gratitude, but as this data shows, it is also important for families to be aware of their spending while they gather to enjoy this treasured holiday.
Finally, speculation about future pricing trends for Thanksgiving dinner will continue as consumers and farmers navigate the changing landscape of food costs in the aftermath of economic shifts and challenges.
The post How much does Thanksgiving dinner cost in 2024? Cheaper than 2023, but pre-pandemic costs still out of reach appeared first on Invezz
