The best grocery-budgeting choice I made all year? Not hosting Thanksgiving.
Especially now that I know how much Americans will spend on the holiday, I'll be more than happy to bring a bowl of Thanksgiving jungle juice punch and a slow-cooker full of mashed potatoes, thank you very much.
But for those who live to host, having people over for Thanksgiving is a non-negotiable. So how much are shoppers expected to spend this year on all the essentials?
How Much Will Thanksgiving Cost This Year?
As you might expect, the range of expenses can vary depending on where you live in the U.S. and where you're getting your calculations from. Take each piece of data with a grain of salt, especially when they seem prodigiously low. A lot of this research regrettably leaves out key ingredients that can add up.
One study says that, in the South and Midwest, where grocery prices are often more moderate, a Thanksgiving dinner will set you back between $112 and $116. The cheapest city was reportedly Evansville, Indiana, with an average cost of $112.
The most expensive cities? Here's a bit of fun Turkey Day trivia: Honolulu, Hawaii, and Yakima, Washington are the most expensive cities for hosting nationwide, where meals will cost families around $157 on average. Honolulu topped the list with an average cost of $160.
If $157 sounds cheap to you, you're not alone. Lending Tree projects that hosts will actually spend much more, $431 on average, which is up nearly 20% from last year. In fact, 19% of hosts say inflation is reason enough for them not to host this year.
How Are Prices Affecting Americans' Thanksgiving Celebrations?
But there is some good news: Researchers have found that rising prices are not necessarily raining on anyone's parade. According to Butterball's Togetherness Report, 52% of hosts are refusing to make changes to their meal due to price increases, whether it be foregoing turkey or favorite dishes.
Hosts are instead planning on cutting costs on non-food items, such as paper goods and decor, perhaps some less-favored sides (looking at you, yams), and working around items that have gone up in price, like stuffing, rolls, eggs, and pumpkin pie.
Compared to 2023, turkeys this year will actually be 11% cheaper during the week of Thanksgiving. Turkeys bought the week prior to Thanksgiving are coming in at around 20% cheaper than 2023.
Perhaps the most heartwarming stat of them all? Our Thanksgiving gatherings are getting larger. 2024 projections say that tables will be set, on average, for at least nine guests. In my opinion, a bigger table means more bang for your buck, since one can turn a Thanksgiving into a potluck very easily and cheaply, with each guest divvying up the dishes and the cost.
Whatever you do, don't be a stingy guest. According to Lending Tree, hosts have said that guests who don't bring a dish would not make the invite list for the next year's gathering.
