Average Thanksgiving meal cost declines this year
The American Farm Bureau’s 35th annual cost survey of Thanksgiving meal items shows families could spend less on their feast this year.
AFBF Chief Economist John Newton says the 2020 holiday meal averages out to less than $5 per person.
“The average price of a Thanksgiving dinner for a family of 10 came in at $46.90, down about 4% from what we saw last year and the lowest level we have seen since 2010.”
The survey shows a 16-pound turkey averages $1.21 per pound, down 7% from 2019.
Newton says the survey further indicates how disruptions from COVID-19 impacted commodity prices, pointing to dairy as an example.
“We saw whipping cream come in a $1.74 for a half pint. That is down 16% and I think that reflects what we’ve seen happen in the dairy industry this year with butter and cream prices having fallen pretty significantly from last year.”
With spikes in COVID-19 cases some are wondering if panic buying will again become a concern, but Newton says turkeys and other Thanksgiving meal favorites are in ample supply at most grocery stores across the country.