Thanksgiving costs drop but inflation bites: holiday meals 19% pricier than pre-pandemic

WASHINGTON (TNND) — Thanksgiving is just days away and people across the U.S. have already spent a decent chunk of money on a turkey and all the fixings.

While the cost of a Thanksgiving meal recently dropped, the impact of inflation lingers during the holidays.

Bernt Nelson, an economist for the American Farm Bureau Federation, said the cost to feed a family of 10 this year is 5% lower than 2023 -- but about 19% higher than before the coronavirus pandemic. That means it costs roughly $58.08 for a family of 10 these days, which breaks down to about $5.18 per person.

"We've had two years of consecutive declines, but this isn't while enough to erase the dramatic increases that gave us record-high costs in 2022," Nelson told The National News Desk.

As the gift-giving season quickly approaches, many consumers will be tightening their wallets, according to Bankrate’s September 2024 Early Holiday Shopping Survey.

The survey noted 33% of shoppers expect to spend less on holiday purchases than they did in 2023.

"It seems that holiday shoppers will be more frugal this year, as multiple years of high inflation and high interest rates have taken a considerable toll," Ted Rossman, a Bankrate senior analyst, said in a news release.

The Bankrate survey also noted that 24% of shoppers said they anticipate they will spend more in 2024 than they did last year, while more than 43% expect to spend about the same.

This may be at least partially due to the economy," according to the release. "Thirty-four percent of holiday shoppers say inflation will change the way they shop. Things cost more than they did last year — leaving buyers with less purchasing power.

Inflation was top of mind for voters in the recent election.

Surveys from The Associated Press showed high prices for gas, groceries and other goods were important factors for 87% of voters.

Just 13% of voters told the AP they were getting ahead in terms of their family's financial situation. The vast majority either said they were falling behind or simply holding steady.

And 39% of voters said the economy and jobs were the top issues facing the country. That was the top answer among a list of issues that included immigration, abortion, crime and climate change.

At least 60% of Trump’s supporters saw the economy and jobs as their biggest concerns.

Overall, 63% of people said in the AP voter surveys that the economy was not so good or poor.

Under 30% of Vice President Kamala Harris’ supporters gave the economy bad marks, compared to nearly 70% of Trump’s supporters.

And 83% of voters said they wanted to see at least substantial change in how the country is run, with Trump supporters 14 percentage points more likely to express a desire for significant change.