Thanksgiving Dinners Will Cost 13.5% More This Year: Report

In the thick of Thanksgiving merchandising season, IRI is out with its annual Thanksgiving Tracker. The 2022 report confirms that Turkey Day celebrations will cost more this year, with traditional items up 13.5% from last year’s holiday.

Accordingly, shoppers are already looking for savings. With many consumers expecting to pay more this year, they report that they are looking for deals and picking up items on their list that are on sale.

While people are seeking value, they aren’t pulling back in a big way. With the acute phase of the pandemic mostly (key word, mostly) over, more than three in four Americans said that they will celebrate Thanksgiving as they did before COVID-19 emerged. There will be more proverbial cooks in the kitchen, too, as more young people say they will be preparing a holiday meal or hosting a gathering of friends and family. Younger hosts are also having bigger repasts, Gen Z and younger Millennials will have an average of 9.8 people at the table this year, compared to the total average of 7.4, according to IRI’s findings.

“Despite the significant impact of inflation, consumers are excited to return to pre-pandemic holiday celebrations, and many will be participating in the Thanksgiving holiday by purchasing the same amount of groceries as they typically do,” said Alastair Steel, executive, IRI Client Engagement. “This year, consumers are planning further ahead for Thanksgiving than ever before, picking up staple items as they see promotions that fit within their budgets. The weeks leading up to Thanksgiving will be a tremendous opportunity for CPG brands and grocery retailers, and recent data will empower optimization on promotions and advertising strategies for key products.”

IRI, which recently merged with the NPD Group, tracked a variety of Thanksgiving-related items to determine their price, availability and demand.