Investing Essentials The cost of a Thanksgiving meal over time

Thanksgiving is just around the corner which means friends and family will soon gather around the table to give thanks and gorge on turkey, stuffing and all the other fixings. The cost of Thanksgiving has always seen a slow and steady increase over time as inflation has remained relatively consistent. Between 1986 and 2020, the year the COVID-19 pandemic began, the cost of a Thanksgiving meal has increased by over 63%.

But ever since the COVID-19 pandemic, the cost of this time-honored tradition has skyrocketed.

Before the pandemic, food prices were relatively predictable. In November 2019, a classic Thanksgiving dinner for a family of 10 cost $48.91, according to the Farm Bureau. That’s less than $5 per person. 

Here are the average 2019 prices of grocery items commonly included in a Thanksgiving meal:

• 16-pound turkey: $20.80
• 2 frozen pie crusts: $2.52
• 30-ounce can of pumpkin pie mix: $3.32 
• Half-pint of whipping cream: $2.08
• 1 dozen dinner rolls: $2.50
• 12-ounce bag of fresh cranberries: $2.66 
• 1 gallon of whole milk: $3.10
• 1 pound of frozen peas: $1.49
• 3 pounds of sweet potatoes: $3.75
• 1-pound veggie tray (carrots & celery): $0.79
• 14-ounce bag of cubed stuffing mix: $2.68¹

The next year, during the height of the pandemic, the price to prepare a Thanksgiving meal fell 2.2% to $46.90. People were abstaining from large social gatherings, staying home and skipping the normal feasts. Facing diminished demand, food costs actually decreased.²

Those low pandemic prices did not last long. As the world struggled through COVID-19, new problems surfaced, including supply chain breakdowns and rising input costs. Ports were backed up, and a labor shortage and COVID-related shutdowns delayed manufacturing, sending prices soaring.

Inflation hit a 40-year high in June 2022. Food and gas prices were big drivers of this upward trend. Even today, as inflation starts to cool, food prices remain elevated.³

In 2021, the average cost for a classic Thanksgiving feast for 10 increased by 14% to $53.31. In 2022, it jumped an additional 20% to $64.05 or just under $6.50 per person. Since 2019, Thanksgiving dinner is up over 30%.⁴

Despite the hefty current price tag on Thanksgiving meals, there are ways to save.

Select grocery stores across the United States will reward loyalty members with a free turkey when they spend a specified amount of money. In some cases you have to sign up for their free membership programs; in others, just show the receipt. Ask at your local grocery store to see if it offers this promotion. Some chains are even offering to remove inflation and provide lower prices than the year prior.⁵

Clipping coupons and choosing store brands are a couple more tried-and-true ways to save. And consider planning your meal in advance to take advantage of seasonal produce sales.

Ever since the pandemic, prices for everything have been soaring. And though we have essentially emerged from the pandemic, inflation has remained sticky and prices have held at much higher levels than before the pandemic. That’s particularly true of food and the traditional Thanksgiving meal, but with a little planning and strategizing, you can still save.