How to save on your 2024 Thanksgiving dinner

Many people may still need to do the shopping for their big Thanksgiving meal.

And while everyone has their preferences, at least one economist says flexibility and research are key to saving money.

“Use the Internet in advance and be prepared to travel a little further to get a better deal,” said Dr. Michael Swanson, chief agricultural economist at Wells Fargo.

According to a report from Wells Fargo, a branded meal costs less than a branded meal, but prices are not consistent across the board. In fact, the cost of branded menus is down this year compared to last year, while the cost of a branded menu will be higher than it was this time last year.

Even if a branded menu is cheaper overall, this may not be the case for every item.

According to Wells Fargo, shoppers will likely save more on branded items like turkey, stuffing, salad and rolls, but they may have better luck with branded items when purchasing things like cranberries. For cakes, the price is almost the same. The cost of two-litre bottles has fallen overall – almost 11% compared to last year – so if you’re stocking up on soft drinks, this might be the way to go.

Overall, Wells Fargo predicts you can save about $17 if you purchase a branded meal for 10 people.

However, many consumers may still be expecting a price adjustment since the pandemic.

“We are now years from the start of the COVID pandemic, and while consumers are still waiting for prices to stabilize, we may be in the new normal,” Swanson said. “So we’re kind of back to where we were, but people don’t appreciate that and it’s not a very convincing psychological argument. It may be statistically true, but it doesn’t really change people’s hearts when they come to checkout and see the dollar amount.