Thanksgiving Feast For 10 Expected To Cost $58 In 2024: A 5% Drop Driven By Falling Turkey Prices

Thanksgiving 2024 is shaping up to bring warm gatherings, hearty meals and some relief for household budgets. The cost of a traditional Thanksgiving meal for 10 is projected to be $58.08 this year, according to the American Farm Bureau Federation (AFBF). That's a 5% decrease from 2023 and a 9% drop from the record highs of 2022. 

The main driver behind this welcome reduction? Declining turkey prices.

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Turkey prices have decreased notably this year, with some retailers reporting prices down 20% compared to recent years. For example, butterball turkeys are $1.99 per pound, down from $2.69 per pound in 2023. Major retailers like Walmart and Target are offering similar discounts. 

Over the last couple of years, outbreaks of bird flu disrupted turkey production and drove up prices. In 2024, the disease has had a smaller impact, leading to increased availability of turkeys and lower prices for consumers. 

Despite the supply rebound, U.S. turkey production is still down by about 6% from 2023, the lowest level since 1985, according to AFBF. However, decreased consumer demand for turkey has balanced out this drop in production, helping keep prices low. 

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The AFBF's calculation of the $58.08 meal includes classic Thanksgiving staples like turkey, dinner rolls, stuffing, frozen peas, sweet potatoes, fresh cranberries, celery, carrots, pumpkin pie mix with crusts, whipping cream and whole milk. Turkey accounts for 44% of the total meal cost, so reduced prices for this single item significantly impact the overall cost of the meal. 

Adding items like ham, russet potatoes and frozen green beans raises the total meal cost to $77.34 for those who like more variety. Even with the expanded menu, this is still 8% cheaper than last year. 

Even though turkey prices are declining, not all holiday staples follow the trend. Processed foods like dinner rolls and cubed stuffing have increased by over 8% compared to last year, primarily due to rising labor and supply chain costs. Cranberry sauce has also seen a price jump, with some cans now costing $1.99 compared to $1.49 in 2023.

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To further reduce their Thanksgiving grocery expenditures, shoppers can opt for store-brand products, which can save an average of $17 compared to name-brand items, according to a Wells Fargo analysis. However, price-conscious consumers should still compare labels, as some name-brand products, like cranberries, may be cheaper than their store-brand counterparts this year.

Even with this year's price drop, Thanksgiving meals are still 19% more expensive than in 2019. Food inflation, driven by the pandemic, supply chain disruptions and global events like Russia's invasion of Ukraine, continues to influence prices across the board.

Still, the overall decline in food inflation is a positive development for households. For the 44% of Americans concerned about the cost of hosting Thanksgiving, the 2024 price trends provide some financial breathing room for the holiday season.

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