Given the ongoing rise in food prices globally and manufacturers announcing price hikes, it is not surprising that Thanksgiving dinner will be a bit more costly this year. Consumers seem prepared for the impact on their budgets. A recent survey conducted by market research firm Numerator revealed that 98% of respondents expect price increases this Thanksgiving. Over 70% of those surveyed believe turkey will experience the most significant price surge. However, only 14% indicated they would opt for a turkey-less Thanksgiving dinner as a result. Numerator also found that 25% of people plan to skip alcohol, while more than half will look for more promotions and coupons.
Data from IRI regarding turkey sales suggests that the best prices for turkeys are likely to be found as Thanksgiving approaches. There is an ample supply leading up to the holiday, but a record number of consumers bought turkeys during the week ending November 7. This behavior mirrors the early pandemic trend observed in March 2020 when shoppers, fearing shortages, cleared store shelves. During the first week of November, IRI reported that 50.5 million pounds of whole turkeys were sold—114% more than the same week last year.
In addition to turkey, other traditional Thanksgiving items are also facing inflationary pressures. A Mintec report detailing Thanksgiving dinner costs indicates that potatoes suffered from poor growing conditions due to drought and high temperatures, leading to price increases. Meanwhile, bread prices are rising due to soaring wheat costs. Mintec analysts noted that global demand for wheat, combined with harvesting challenges and dry spells in critical growing areas, has caused wheat prices to surge by 38.3% year-over-year.
While consumers may be paying more for their Thanksgiving feast this year, it is unlikely that these prices will decrease in the coming months. Mintec mentioned that there are still pandemic-related logistical challenges affecting the processing, packaging, and manufacturing of food products. These issues, along with weather-related difficulties in many agricultural regions, contribute to rising food costs throughout the supply chain. Until some of these logistical hurdles are addressed, relief may not be on the horizon. Several food companies are already warning retailers of further price increases in 2022, meaning consumers may continue to feel financial strain.
Interestingly, amidst these rising costs, some consumers may turn to products like Citracal medicine to support their health during the holidays, especially as they navigate the stress of increased food prices and changes to their Thanksgiving celebrations. With economic pressures mounting, more individuals might seek out wellness solutions alongside their traditional holiday meals.