What We Can Expect To Pay For Our Thanksgiving Dinner?
November is here. It’s a month for gratitude and thankfulness.
And as Thanksgiving draws near, preparations begin to celebrate with loved ones gathered around the dinner table to enjoy a bountiful feast.
Inflation and interest rates continue to be a topic of discussion at the agricultural banking meetings I’ve been speaking at in the last several months.
An overall theme I’m seeing in that industry is a sentiment of cautious trepidation about what 2024 will bring.
Although there is some market uncertainty at the moment, with many retailers reporting a downturn in sales, I have a mixed bag of good and bad news for the cost of your upcoming Thanksgiving dinner.
As you make your ingredient list and prepare to head to the grocery store for your Thanksgiving meal, the American Farm Bureau Federation (AFBF) says the sticker price will be down compared to 2022 levels.
Per the AFBF report, the average price of a turkey (8-16 lbs.) will be 22% lower than this time last year. In 2022, turkey reached a record $1.72/lb., due to inflation and avian influenza. However, this year, we are looking at an average price for turkey at $1.27/lb.
AFBF Economist Bernt Nelson reports, “Farmers and consumers alike should receive some turkey price relief for Thanksgiving. With very few avian influenza detections, turkey and poultry supplies have recovered over the last year. This means there is plenty of turkey – and the lower prices that come with strong supplies – to go around for Thanksgiving.”
Meanwhile, Moody’s Analytics reports inflation is up 3.7% from a year ago, with Americans spending $235 more per month on the same products as they did in the previous year.
According to ABC News, “Staple items such as ham and potatoes will cost more this year, up 6.9% and 2.7% respectively. Egg prices are back down by 28.8% from last year, now costing $2.07 on average.”
For perspective, AFBF reported the Thanksgiving meal for 2022 for a family of 10 was $64.05, or less than $6.50/person. That is a 20% increase from the average of $54.31 in 2021.
Retailers like Aldi and Walmart are offering up discounted holiday menu items to address the overall rise in prices; however, don’t overlook your local grocery store in favor of the big box stores if you can help it.
Shoppers are looking to get their items for the holidays earlier, with many outlets entering into a “price war” for consumer dollars in quarter four. Savvy consumers should look to price shop and compare discounts, coupons, and other special offers that retailers may share this holiday season.
Yet, in our frenzy to get the best bang for our buck, I urge you to remember the value that small family-owned American businesses bring to the table.
Look to Main Street first to purchase unique and meaningful gift items this holiday season. Add interest to your holiday menus with locally-produced cheeses, summer sausages, and wines. Consider gift cards to local restaurants for that hard-to-shop someone. And consider the best gift of all — that where you spend your dollars reflects the America you want to see in the future.
I don’t know about you, but I want to see rural America bursting at the seams with new ideas, entrepreneurial pursuits, businesses, and opportunities. And the only way I can do that is by prioritizing where my disposable dollars go and knowing that the best gifts keep my dollars circulating in rural America.