Turkey is cheaper this year, but everyday staples like beef, bananas and coffee are more expensive. (Credit: Jeff Bukowski/Shutterstock)
Thanksgiving meals will be a little cheaper this year, but it’s a rare reprieve for most consumers.
Typical Thanksgiving groceries are down 2% to 3% this year, according to a Wells Fargo analysis. A 10-person home-cooked feast using store brand ingredients will cost about $80, or $8 per person, while a name-brand dinner will cost $95.
But that’s largely due to the fact that turkey, cranberry sauce and other Thanksgiving staples haven’t been part of an overall rise in grocery prices.
Overall food prices are expected to increase 3% this year, just slightly above the 20-year average. But some staples are seeing much larger increases: the retail price of beef is up 8% compared to last year. Tariffs have caused a 5.4% increase in the price of bananas since April. Retail coffee prices in the U.S. rose 40% in September, forcing President Trump to roll back tariffs on Brazilian imports in an attempt to bring prices back down.
And while Thanksgiving might be cheaper, Halloween wasn’t. Candy prices were up 11% this year compared to 2024. Certain Christmas items are also expected to be more costly this year. The price of artificial Christmas trees, for example, will be up 10% to 15% due to tariffs.
The increases are taking a toll on consumers. According to research from the University of Michigan, consumer sentiment dropped to a near record low in November, going from 71.8 out of 100 in November 2024 to 51 this year. Retail experts are predicting consumers will spend less on holiday gifts and decorations this year, as many are grappling with the higher consumer prices on top of higher housing and healthcare costs.
But consumers aren’t just giving up candy and extra toys. Insurance costs are also rising, and a report released in May found that 7% of American homeowners are simply going without home insurance. When asked why, most (43%) said it was because they couldn’t afford it.
This growing lack of affordability and the strain it’s placing on Americans — even if it doesn’t apply to turkey this Thanksgiving — is taking a toll, and it urgently needs to be addressed.
Opinions shared in this piece are the author's own.
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