This year’s Thanksgiving feast is more affordable, with the cost of a classic dinner for ten people averaging $58.08, or $5.81 per person, according to a survey by the American Farm Bureau Federation (AFBF). This marks a 5% decrease from 2023, though costs remain 19% higher than in 2019 due to inflation.
When adjusted for inflation, however, 2024 offers one of the most wallet-friendly Thanksgiving meals in decades. If today’s dollar held the same purchasing power as in 1984, this year’s feast would be among the cheapest in the survey’s 39-year history.
While inflation has raised prices over five years, median household wages have grown faster, increasing 25% since 2019. As a result, the average American works fewer hours to afford Thanksgiving dinner than in prior years, thanks to a 4% rise in wages from 2023 to 2024.
The centerpiece turkey saw a 6% price drop, despite lower production levels. Sweet potatoes and whole milk experienced the largest decreases, falling 26% and 14%, respectively. Still, some items—like dinner rolls and fresh cranberries—rose in cost.
Target is offering its lowest-priced Thanksgiving meal ever, at $20 for four people. Aldi and Walmart also offer competitive deals, underscoring efforts to make the holiday more accessible despite economic pressures.
Source: American Farm Bureau Federation