A University of Washington economist breaks down Thanksgiving price trends over the years that may surprise some shoppers.
SEATTLE — The cost of feeding family and friends this Thanksgiving may have come as a pleasant surprise to shoppers watching their budgets, as prices for the traditional holiday meal continued a three-year decline.
Chris Anderson, a University of Washington professor and economist, noticed the affordability while purchasing the ingredients for his Thanksgiving dinner.
“I bought a large bag of potatoes, more than I usually buy, and I felt like the price was pretty reasonable,” Anderson said.
According to the American Farm Bureau Federation, a national group that has tracked Thanksgiving food prices for 40 years, a classic holiday meal for 10 people costs $55.18 this year. That figure has nearly doubled since 1986, when the same meal cost $28.74. But when you adjust for inflation, Anderson notes prices have actually dropped about 30% since the mid-1980s.
This year marks the third consecutive year prices have declined following a spike during the COVID-19 pandemic. The cost is down from $58.08 last year and $61.17 in 2023.
The centerpiece of the Thanksgiving table shows the most dramatic change. Turkey prices have fallen more than 16% compared to last year. Anderson attributes this to farmers rebuilding their flocks after bird flu outbreaks decimated poultry populations in 2022 and 2023, while demand for turkey has simultaneously decreased.
However, not all items are becoming more affordable. The Farm Bureau Federation reports vegetable trays are up more than 61% and sweet potatoes have risen 37%.
“Finding farm labor has been very difficult this year,” Anderson said, explaining the increase in produce costs.
Regional price differences are also notable. West Coast shoppers pay the most at an average of $61.75 for the meal, compared to $60.82 in the Northeast, $54.38 in the Midwest and $50.01 in the South.
“It was surprising to me that the difference was as large as it is,” Anderson said. “The difference between the South and the West is almost 20%.”
Despite fluctuating costs, Anderson emphasized that tradition remains priceless.
“You almost can’t imagine a Thanksgiving meal without a turkey and a pumpkin pie, regardless of what it costs,” he said.