How Much Does a Thanksgiving Turkey Cost These Days?

Thanksgiving is right around the corner, which means it’s time to start planning the big meal. For many families, the centerpiece of Thanksgiving is the turkey. But with inflation at a 40-year high, turkeys are more expensive than ever this year. So just how much should you expect to pay for a turkey this Thanksgiving? Let’s take a look at the numbers.

The Rising Cost of Thanksgiving Turkeys

According to the American Farm Bureau Federation, the average cost for a 16-pound turkey this year is $2896. That’s up 21% from 2021’s average of $2399. The Farm Bureau has been tracking Thanksgiving dinner costs since 1986. And this year’s turkey price is the highest it’s been in that entire 37-year period.

Other organizations have reported similar price hikes. The U.S. Department of Agriculture says turkey prices are up 17% compared to last year. And per data from the Bureau of Labor Statistics, turkey prices in September 2022 were 17.1% higher than September 2021.

So what’s behind these big turkey price increases? It mainly comes down to good old supply and demand economics.

On the supply side, turkey production is down about 3% in 2022 due to a deadly outbreak of avian influenza earlier this year The flu wiped out millions of commercially raised turkeys, constraining supply At the same time, demand for turkeys is up as gatherings and holiday celebrations return to pre-pandemic levels. With supply down and demand up, simple economics says prices will rise.

The costs of labor, transportation, and turkey feed have also gone up significantly due to broader inflationary pressures, further pushing turkey prices higher. It all adds up to a perfect storm of higher turkey prices this Thanksgiving.

State-by-State Turkey Prices

Turkey prices can vary quite a bit depending on which state you live in. According to data compiled by FinanceBuzz, the average cost for a 15-pound turkey ranges from $27.30 in Louisiana up to $52.85 in Hawaii.

Here are some of the states with the most expensive expected turkey costs this year:

• Hawaii: $52.85
• Alaska: $42.35
• Minnesota: $41.85
• California: $41.85
• Rhode Island: $39.35

And here are the states where turkey is expected to be cheapest:

• Louisiana: $27.30
• Oklahoma: $27.85
• Kansas: $27.85
• Mississippi: $29.25
• Missouri: $29.35

In general, turkey prices tend to be higher in states like Hawaii and Alaska simply because transportation costs are greater for getting turkeys to those remote locations. Among continental states, the Northeast and West Coast see the highest turkey prices, while the Southeast and Midwest tend to have lower costs.

But no matter what state you live in, expect to pay more for turkey this Thanksgiving than you likely did last year.

How Much Americans Spend on Thanksgiving Turkeys

With over 46 million turkeys eaten on Thanksgiving, turkey is a big business. According to estimates from WalletHub, Americans as a whole will spend $949 million on Thanksgiving turkeys in 2022. That’s up from $891 million in 2021.

The average American household that plans to serve turkey this Thanksgiving is projected to spend $64.05 on a turkey this year. Of course, your specific spend will vary based on the size of your gathering and appetite for leftovers.

While the costs are high relative to history, it’s important to remember that for many households turkey still makes up a relatively small portion of total Thanksgiving meal costs. The Farm Bureau estimates the average total cost of a classic Thanksgiving feast for 10 people at $64.05 in 2022. So the turkey alone is only about one-sixth of the total cost.

The priciest items are actually miscellaneous baking ingredients ($4.13), a gallon of whole milk ($3.84), and pumpkin pie mix ($3.68). Still, the sticker shock of dropping nearly $30 on just the turkey may be enough to ruffle some feathers for budget-conscious shoppers.

Tips for Saving on Thanksgiving Turkey

While turkey prices are undeniably higher this year, there are still ways you can save:

• Shop sales. Grocery stores will often offer special discounted prices on turkeys leading up to Thanksgiving to lure in customers. Check the aisles and be ready to take advantage of these deals.

• Buy a smaller turkey. If you’re feeding fewer people, consider buying a smaller 10-12 pound turkey instead of a full 16-pounder. The per-pound savings can add up.

• Try a turkey breast. Boneless turkey breast halves can offer comparable savings compared to a whole bird.

• Buy frozen. Frozen turkeys are generally a bit cheaper than fresh. Just be sure to give yourself enough time to thaw a frozen turkey in the fridge.

• Skip the bird. More drastic options like choosing a different main protein or going meatless can yield big savings.

• Price match. Many grocery stores will price match competitors if you find a better advertised turkey price elsewhere.

The Bottom Line

Based on all the available data, expect to pay around $1.80-$2.40 per pound for a frozen turkey this Thanksgiving. That’s roughly $27-$36 for a standard 15-pound bird. Shop around, compare prices, and look for deals to hopefully land on the lower end of that per-pound range.

And if the turkey busts your budget, remember that the real joy of Thanksgiving is time with loved ones, not the food on the table. You can still have a wonderful and meaningful celebration even if the turkey costs a bit more this year.