Will Thanksgiving be more expensive this year?

Planning your feasts and festivities ahead of the holiday season? With food prices top-of-mind for consumers, you may be wondering if Turkey Day will take a bigger bite out of your wallet this year.

According to the U.S. Bureau of Labor Statistics, the Consumer Price Index for “food at home” increased by 2.4% between September 2023 and September 2024.¹ While this rise is slower compared to the double-digit foodflation back in 2022, many are still feeling pricing pressures at the supermarket.²

From the cost of a big bird to traditional sides, here’s what you need to know about Thanksgiving prices this November.

How prices stack up against last year

This year’s prices changed only moderately compared to 2023, with holiday favorites turkey, ham, potatoes, and ready-made pies all decreasing in price, per the Consumer Price Index.³ Butter and fresh fruit prices increased the most drastically, suggesting you might be better off skipping the homemade pie and cranberry sauce this year in favor of store-bought alternatives.

Cost of popular Thanksgiving items 2024 vs 2023

Tallying your Turkey Day favorites

While Empower Personal Dashboard data shows that Americans spend an average of about $645 for groceries during the month of Thanksgiving, there are opportunities to save. An analysis of popular Thanksgiving items reveals that shoppers can expect to feed a group of 10 for just under $80 at $7.85 per person.* Turkey lovers will pay between $1.04 and $1.98 a pound for their bird of choice, while 3 pounds of sweet potatoes ring up at $2.64. Other holiday must-haves like fresh cranberries and a bag of stuffing mix are priced at $2.18 and $3.12, respectively. Those who always have room for dessert can buy 2 frozen pie crusts for $2.54, 2 pounds of apples for $4.82, and pumpkin pie mix for $4.47 for a 30-ounce can.

Dishing on the details for Thanksgiving staples:

16-pound turkey: $31.68 or $1.98 per pound
12-ounce bag of cubed stuffing mix: $3.12
2 frozen pie crusts: $2.54
1 pint of whipping cream: $3.37
1 dozen dinner rolls: $3.24
30-ounce can of pumpkin pie mix: $4.47
3-pounds granny smith apples – $4.82
20-ounce sugar – $2.12
1 gallon of whole milk: $4.26
3 pounds of sweet potatoes: $2.64
2 12-ounce bags fresh green beans – $4.94 (total)
12-ounce bag of fresh cranberries: $2.18
1 pound butter – $4.26
5 7.25-ounce Man N Cheese boxes – $4.88

Grand total: $78.52 (excluding sales tax)

Serving up savings

With 82% of Americans saying their money doesn’t go as far as it used to, major retailers are offering budget-friendly options for shoppers to stretch their dollars. Walmart unveiled its “inflation-free” Thanksgiving that serves 8 people for less than $7 per plate.⁴It comes with 29 customer favorite holiday items, including turkey, trimmings, and dessert. In the spirit of giving, customers can also gift an entire Thanksgiving meal delivered straight to the recipient’s door.

Aldi has introduced its lowest-price Thanksgiving meal in five years, a basket that serves full meals for up to 10 people for under $47.⁵ Those craving convenience can stop by Popeyes for its newly released $99 Cajun-Style Turkey, and maybe add the Mashed Potatoes with Cajun Gravy and the classic Buttermilk biscuit.⁶

Will getting away gobble your budget?

Nearly 47% of Americans intend to spend over $500 on Thanksgiving travel this year, and one-third (nearly 86 million Americans) say they’ll spend $1,000 to reach their destination.⁷ Empower research shows almost half of Americans plan to spend more on travel this year compared to 2023.

Travel costs in 2024 have seen mixed changes compared to last year, depending on the category of spending. Airfares ticked up slightly, rising 1.6% compared to this time last year, while hotel prices have decreased by 3.7%.⁸

Thanksgiving travelers getting behind the wheel may feel some relief: Gas prices have dropped 15.3% versus this time last year and car rentals also fell 6.8%.^9,10

Thanksgiving Prices

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