A family hoping to feed a party of 10 for this year's Thanksgiving should be prepared to shell out at least $90 for a budget-friendly meal.
That is according to a new report from Wells Fargo's Agri-Food Institute, which analyzed and compared the cost of key ingredients for a Thanksgiving meal. The study specifically compared the cost of buying and preparing store-brand food items versus purchasing national name brands.
The Wells Fargo report used a menu for 10 people that includes turkey, stuffing, salad, cranberries, dinner rolls, and pumpkin pie for the cost analysis.
How Much Will Thanksgiving Cost Families in 2024?
The cost of a Thanksgiving meal for 10 depends on the type of products. Meals made using name-brand products will cost around $90 this year down 0.5% from the cost of last year's Thanksgiving meal.
In comparison, store-brand products will cost families $73, although that is up 2.7% from last year. That means households making meals entirely out of store-brand products will save $17.
For perspective, a name-brand product is a product made by a well-known manufacturer carrying a company's brand name or trademark. For example, Nike, Apple, and Coca-Cola.
On the other hand, a store-brand product is a product manufactured or provided for sale under a retailer's brand name. For instance, "Great Value" is from Walmart, and "Simple Truth" is from Kroger's.
A Breakdown by Ingredient
Despite saving $17 on a meal made entirely of store-brand products, the report noted that some ingredients are cheaper when made using name-brand products. Here's a breakdown, per the report.
Turkey
Name-brand turkeys, which account for three of four birds sold during Thanksgiving, have seen their prices fall by 2% this year while store-brand products have seen a price increase of 5%.
Store-brand turkey is still cheaper than the alternative, but the price difference between the two is "just a couple of dollars."
Stuffing
The prices for name-brand stuffing are 9% more expensive this year, whereas the prices of store-brand products only increased by 3%. The rising costs are due to labor and transportation, the report noted.
Salad
The cost of produce has declined significantly this year, in large part due to the growing conditions in California. Name-brand package salads saw a price cut of 2%, while store-brand options declined by just 1%. Households buying store-brand packaged salads could save about $3.
Cranberries
Cranberry prices are expected to cost 2% more this year compared to 2023. This is one of the few ingredients where name-brand products are cheaper than the store-brand alternative.
A 12-ounce bag of name-brand cranberries cost 3% less this year. The price for a same-size bag of store-brand fresh cranberries is up 6%.
Dinner Roll
Both name-brand and store-brand rolls saw a price increase of 3% this year. It is also the ingredient that has the most difference between name-brand and store-brand pricing, with families saving up to $4 when choosing the latter option.
Pumpkin Pie
Lastly, name-brand pumpkin pies are up 1%, while store-brand pies are up 3%. Both options have the same pricing for an eight-inch pie. That said, some name-brand pumpkin pies may be subjected to deals and discounts, according to the report.
