Good News, Your Thanksgiving Turkey Will Cost Way Less This Year

This year we'll have at least one thing to be grateful for at the Thanksgiving table: a significantly less expensive turkey. According to Wells Fargo, which just released its annual report on the costs of holiday dinner favorites, shoppers can expect to pay 16% less on turkey than they did in 2023.

Prices for turkey could go even lower if retailers decide to pass on more of their own savings as a way to drive more customers into their stores. Wholesale prices for turkey are down 29%. The competitive retail market, Wells Fargo says, could put pressure on stores to reduce prices as they vie for consumer dollars.

Turkeys won't need to go bare this year given the cost of fresh cranberries is down 20% from 2023. Don't try any shortcuts, though. You'll want to make your own homemade cranberry sauce since the canned version is up 7%. Although "I'm looking forward to the salad" was likely said by no one ever on Thanksgiving, the other fresh item that will cost less this year is Romaine lettuce, which is down 10%.

Still, people will need to do some careful planning and cooking for Thanksgiving given the increase in prices for several other holiday staples. If you like serving ham as a turkey alternative, it will cost you 5.2% more than last year. You may also want to rethink that string bean casserole and pumpkin pie you make every year. Canned green beans are up 9% and canned pumpkin is up a whopping 30%. Hopefully you prefer sweet potatoes over Russets: the former is up 4% and the later up by 19% — an all time high for the white potatoes. As for beverages, hopefully your holiday guests prefer wine over beer. Wine is up just 1.2% in price, while beer is up 5.3%.

Michael Swanson, Ph.D., the chief agricultural economist for Wells Fargo's Agri-Food Institute, told ABC News that there were two reasons for the higher costs: transportation and labor. Those costs, he said, "don't go down anytime soon." Still, look for deals from retailers. Aldi hasn't publicly announced the prices for its premade holiday meal but, according to ABC News, it will be offering a complete dinner serving 10 people for under $47. Walmart, meanwhile, is promising an "inflation free" Thanksgiving deal with a 28-product assortment of ingredients to make a Thanksgiving meal for 10 people at just $7 per person.