The cost of Thanksgiving in 2023: Trends and savings tips

It’s time to start planning for Thanksgiving! Many of us hold massive gatherings with family, friends, and loved ones from near and far in attendance. As the upcoming holiday approaches, known for its sometimes steep expenses, let’s delve into the recent trends in food costs and explore ways to save on your Thanksgiving gathering.

Food prices and trends

Trends in food prices are showing what most of us have probably already guessed from looking at grocery prices while we shop. According to an analysis conducted by NerdWallet, while food prices have continued to rise, there has been a slowdown in inflation rates over the past year.

According to the consumer price index (CPI) report from the Bureau of Labor Statistics, from September 2022 to September 2023, food prices crept upward at 3.7%. From August to September of this year, prices went up by 0.2%.

Why have prices still been going upward, even as the inflation rate cools down? Well, there are several factors that have caused this. For one thing, labor costs are still very high, as reported by the Bureau of Labor Statistics. Moreover, the wildfires raging across the western United States have not only devastated valuable crops but also caused a significant surge in the prices of essential domestic grains and grocery staples. All of this is on top of the impact of the war in Ukraine, which was previously a major player in the global market in terms of exporting wheat and corn.

There are many reasons why food prices are still slowly rising. The good news is that with inflation cooling down, it’s simply a question of time before we see some stability in our food prices and overall cost of living.

Which prices went down and which prices went up?

The CPI report I referenced earlier also laid out the largest increases and decreases over the past year. From September of last year to September of this year, egg prices cooled down by 14.5%. Some cuts of pork went down by 4.3%, orange citrus fruits went down by just over 4%, butter decreased by 4%, lettuce went down by nearly 3%, and cheese products decreased by almost 3%.

This is good news, as a lot of these items were seeing some of the highest price points proportionately not all that long ago.

On the flip side, some grocery items saw increased price points over the last year. Frozen juices and drinks (non-soda items) saw a massive uptick by 21.3%. Frozen veggies, a go-to for me, went up by 11.6%. White bread went up by nearly 8%, and beef went up by 7%. Crackers and bread products went up by nearly 7%.

These trends across the board continue to show us that we’re not totally out of the woods yet; prices are still unpredictable. This means that it’s all the more important to strategize our spending. We should always be ready with savings plans at our disposal and good, savvy shopping habits. Let’s discuss more tips for planning your Thanksgiving dinner on a budget.

Tips to save on your family’s Thanksgiving dinner

This first tip seems obvious, but you wouldn’t believe the amount of times I’ve seen friends forget to check their pantry before shopping for holiday meals. Absolutely do check your pantry before going anywhere for food shopping. You probably have a can of pumpkin purée or cranberry sauce in the pantry somewhere from last year. Take a thorough inventory of what you already have on hand before making a menu or going shopping.

Next, get creative and try to make meal items with things you already have. If you don’t have much to work with, pare down the menu. Some years, it’s fun and not a massive blow to the wallet to have an all-out feast. In 2023, I’d say we’re still not quite there yet.

Go more simple with your Thanksgiving plan for this year, especially if you’re paying for everything yourself.

That being said, get creative with your meal planning and consider throwing a Thanksgiving potluck. Ask each person you invite to bring a specific item per person. This will help cut down on food costs for everyone, ensure there’s enough food to go around and keep cooking time for you to a minimum. I highly encourage potluck-style holiday meals, especially during years when we’re still seeing high prices on grocery staples.

Don’t forget to choose frozen items where applicable. Even though frozen vegetables have seen an uptick in price over the past year, they’re still the cheaper option compared to fresh produce that’s not in season.

On that note, try to stick to only getting in-season produce. This will bring down what you’ll spend on fruits and veggies, but still keep your menu fresh and festive.

Stores that are closed on Thanksgiving

It’s vital that you shop in advance, both to maximize your savings, and also because most retailers and grocery stores will be closed on the day of. Walmart, Target, Sam’s Club, Costco, Aldi, Trader Joe’s, and many more grocery stores will be closed on Thanksgiving Day.

Don’t wait until the last second to shop. The good deals will have passed if you shop in the final days leading up to the holiday, not to mention we’ve seen many items be completely unavailable just before Thanksgiving due to shortages in recent years.

Don’t wait; shop and plan now for your Thanksgiving celebration.

Final thoughts

When planning your meal, if you want to save some serious dough, you’re going to have to get creative. This may mean making menu substitutions for cheaper options or cutting menu items altogether. The most important thing you should do is set a firm budget based on what you know you can spend and stick to it.

Asking your loved ones who will be in attendance on Thanksgiving to bring dishes to share is one of the best ways to have an abundant Thanksgiving without breaking the bank for anybody. I highly encourage you to talk to your family about this idea.

Planning in advance is crucial to saving on major holidays like this. Plan your menu now and start shopping as soon as possible. Don’t forget to use coupons, weekly ads, and retailer apps while you shop, and encourage your family to do the same.