🦃 Turkey Prices Tumble, But...

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ECONOMY

Turkey Prices Tumble, But…

Today’s Top Story: A nationwide grocery survey by the American Farm Bureau Federation (AFBF) found that a 10-person Thanksgiving feast will cost an estimated $58.08 this year, down 5% since last year and the lowest cost since 2021.

Reporting from the Left: Cheaper turkeys help bring down Thanksgiving dinner costs this year (CNN)

Reporting from the Right: Americans hosting Thanksgiving to spend 19% more than last year: report (Fox Business)

LEFT-LEANING SENTIMENT

Historically Affordable

The Top Argument From The Left: Thanksgiving dinner is historically affordable this year, Jing Feng, NBC News: You may not know it by looking at sticker prices in grocery aisles, but Thanksgiving dinner is more affordable than it has been in years. The costs of this year’s holiday feast — estimated at $58.08 for a 10-person gathering, or $5.81 a head — dropped 5% since last year, the lowest level since 2021, according to a nationwide survey of grocery prices by the American Farm Bureau Federation, which represents millions of U.S. farmers. But the picture improves further when adjusted for inflation. … For plenty of households, it doesn’t feel that way. A defining feature of the post-pandemic recovery, and the 2024 election, is the divergence between Americans’ sour views of the economy and its underlying strength. Many shoppers understandably focus on price levels — the dollar value of the things they buy — rather than those purchases’ inflation-adjusted, or “real,” costs. The latter is the true test of affordability, since it reflects an often underappreciated piece of the inflation puzzle: wage inflation. And indeed, while Thanksgiving food prices are up 19% since 2019, according to the AFBF, federal data shows median household wages growing by about 25% during the same period.”

Honorable Mention #1: Egg prices are going even higher. This time it’s avian flu and the holidays, Vanessa Yurkevich, CNN

Honorable Mention #2: Thanksgiving dinner will cost less this year, but it's still higher than five years ago. Here's the price breakdown. Alex Groth, USA Today

RIGHT-LEANING SENTIMENT

Prices Falling, but Consumers “Exhausted”

The Top Argument From The Right: Turkey costs less this Thanksgiving as prices fall for second straight year, Breck Dumas, Fox Business: “Here's something to be thankful for in this season of gratitude: The price of turkey fell for a second consecutive year. The American Farm Bureau Federation's (AFBF) annual Thanksgiving Survey found the cost of turkey is down 6% from a year ago, with the average price of a 16-pound bird coming in at $25.67. Still, the moderate decrease in the price of the signature main course might be little consolation to some consumers after the elevated inflation over the past four years. The AFBF found the price of the typical Thanksgiving meal is up 19% from five years ago. Butterball CEO Jay Jandrain confirmed…some consumers might be cutting back on some purchases this year amid squeezed budgets, but they will not give up their turkey. He explained that 86% of U.S. consumers celebrate Thanksgiving, and 87% of those will have turkey on the table. ‘We are seeing a little bit better pricing at the retail level this year than we have in the past year, and we're able to track how sales are going here on a daily basis through many of our retailers, and sales have been very strong," Jandrain said.’”

Honorable Mention #1: Thanksgiving Costs Drop Slightly, but Americans Still ‘Exhausted’ by Years of Inflation, Survey Finds, Alex Welz, National Review

Honorable Mention #2: States where Thanksgiving turkeys cost the most and least are revealed in new study, Christine Rousselle, Fox News

FLAG THIS

What Goes and What Stays?

Thanksgiving costs are soaring, with hosts expecting financial strain. Key highlights from a LendingTree survey of nearly 2,050 U.S. consumers:

• $431 average spending: Hosts will spend 19% more than last year on food, drinks, and decor. Six-figure earners, men, and parents with young kids spend the most.

• Inflation hits plans: 60% are adjusting due to rising costs—27% changing menus, 26% using more coupons, and 9% skipping hosting entirely.

• Strain and regret: 36% of hosts feel financial pressure; 14% already regret hosting, with 34% relying on credit cards.

• Guests expected to pitch in: 60% of hosts expect contributions; 25% may not invite empty-handed guests next year. Most guests plan to bring side dishes (63%) or desserts (32%).

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WATERCOOLER

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35 DAYS TO GO

If we get 1,000 paying subscribers by December 31, we’ll continue this newsletter in 2025. If we don’t, we will discontinue.

We are capitalists, so we will let the market (aka, YOU) decide whether or not this newsletter should live or die.

We have two options for you to choose from:

• $3/mo: You’ll get our Sunday newsletter too.

• $7/mo: You’ll get our Sunday newsletter and an ad-free experience.

The clock is ticking. We have 35 days to reach 1,000 subscribers.