Thanksgiving is a favorite time for families and friends to gather in the U.S. But hosting comes at a price. Not only do you have to clean, cook and decorate, you also have to foot the grocery bill. Luckily, experts expect this year’s meal to be a little easier on the pocketbook compared to recent years due to easing inflation.

The American Farm Bureau’s annual Thanksgiving survey shows the average cost of the classic meal for a family of 10 in 2024 is $58.08, just over $5.80 per person. This is a 5% decrease from last year’s meal price and 9% lower than 2022.

The centerpiece of most Thanksgiving tables — the turkey — helped bring down the overall cost. The average price for a 16-pound turkey is $25.67; $1.68 per pound, down 6% from last year.

“The turkey is traditionally the main attraction on the Thanksgiving table and is typically the most expensive part of the meal,” says Bernt Nelson, AFBF economist. “The American turkey flock is the smallest it’s been since 1985 because of avian influenza, but overall demand has also fallen, resulting in lower prices at the grocery store for families planning a holiday meal.”

In addition to the turkey, other menu items also saw price cuts:

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Inflation has been slowing in recent months, but the slight decreases are just a drop in the bucket for most Americans. USDA reports food prices rose 25% between 2019 and 2023. Plus, while some prices are down this year, others still saw increases:

What’s on your menu?

Is turkey a stable on your holiday table, or do you opt for other proteins, like ham or prime rib? CoBank’s Knowledge Exchange reports turkey sales could be destined for long-term declines due to tighter turkey supplies and changing traditions.

Most consumers think about cooking a whole turkey only once a year. And even then, attention is in decline. CoBank explains whole retail turkey consumption between October and December 2023 was the lowest since 1980, at just 4.04 pounds per person on average.

Turkey may not be the first pick for some peoples’ palates, but it is still a treat for the wallet compared to other proteins. Retailers frequently use turkey as a “loss leader,” pricing it low — or sometimes free — in hopes of profiting off the remainder of customers’ Thanksgiving meal shopping lists.

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While whole turkey demand is slipping, ground turkey retail volume sales are up 5.5% year-over-year. Ground turkey is the second-largest ground category, only behind ground beef.

Farmers still feel the pinch

While grocery bills are seeing some signs of retail food price stability, farmers are experiencing lower and more volatile prices at the farm gate. Inflation also fueled steep production cost increases in recent years. USDA projects national net farm income will fall by $6.5 billion this year.

“We should all be thankful that we live in a country with such an abundant food supply,” says AFBF President Zippy Duvall. “We are seeing modest improvements in the cost of a Thanksgiving dinner for a second year, but America’s families, including farm families, are still being hurt by high inflation.”

According to USDA’s Economic Research Service, farmers only receive around 9 cents of every retail dollar spent on food. This means farmers only see roughly $5.28 out of the total $58.08 spent on this year’s Thanksgiving feast.

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