There are still deals to be had this holiday season if you’re hoping to save some money in preparing a Thanksgiving dinner.
Denver-based Ibotta has festive cash-back promotions in its mobile app to get the cost of key ingredients down to nothing for some. And Target is advertising a 10-pound turkey with stuffing, potatoes and other fixings for just $20 — a 20% price cut from last year. But that excludes fried crunchy onions to top off the green bean casserole. There’s also no chicken stock or butter for the Stove Top Stuffing. No bread rolls. No pumpkin pie.
But according to an annual Thanksgiving-cost survey, no coupons or deals are needed to save money on dinner this year. The American Farm Bureau Federation calculated the cost to make a 10-person turkey feast — pumpkin pie included — is down 5% from last year to $58.08.
In Colorado, though, the total price was 23.6% higher for the same dozen items. At $71.78, Colorado’s 12-item meal was the nation’s fourth highest this year, coming in about $5 lower than California and about $15 less than South Carolina. No state could touch the high cost of Hawaii, where the price of the same meal was nearly double the U.S. average at $114.86.
Inflation may have slowed but it may not seem like it at grocery stores, said Melissa Weaver, a spokesperson for the Colorado Farm Bureau.
“Farmers and ranchers don’t set their prices, so it’s important to note that they don’t see all of what we pay at the store,” Weaver said.
Colorado grocery items have increased, unlike the nation’s, according to the annual calculation. This year’s dinner prices are higher than they were in 2022, the year inflation peaked at 9.1% in the Denver metro area. That year, the cost of the Thanksgiving meal was $67.14, according to the local farm bureau, and 4.8% higher than the national average.
“Colorado,” Weaver said, “has a higher cost of living than most places, which is reflected at grocery stores.”
Turkey prices are lower, though not in Colorado
The national trends showed processed foods like dinner rolls, stuffing and pie crusts experienced the biggest price hikes. Those were offset by declines in the price of vegetables and milk nationwide.
And credit the turkey, the most expensive item of the dinner, as the biggest contributor to saving money this year. At 6% less than last year, the 16-pound turkey was $25.67, or $1.60 a pound. However, in Colorado, turkey prices were up 6% in two years to $31.68, or $1.98
The Farm Bureau’s volunteer shoppers, including 11 this year in Colorado, who calculated costs during the first week of November, before many Thanksgiving food sales began. In the latest ads for Colorado grocery stores, turkeys were on sale for $2.99 a pound at Whole Foods, $0.99 at Clark’s Market, $0.88 at King Soopers and $0.74 at Safeway.
The American Farm Bureau’s economist Bernt Nelson said avian flu decimated turkey flocks to the smallest since 1985. When that happens, prices increase because of the limited supply. But consumer tastes have apparently changed, he said. They’re eating less turkey and less demand for the big birds drives prices down.
Seeing that trend a few years ago, the bureau added a 4-pound ham, which is part of an extended menu that the bureau tracks. Ham also cost less this year at $14.79, down 18%.
Annual inflation, which hit its highest rate in more than 40 years two years ago, has slowed in the Denver metro area, registering 1.4% in September, according to Bureau of Labor Statistics data. But high inflation is not something folks will soon forget.
Katie Macarelli, a spokesperson for Lakewood-based Natural Grocers, said the organic retailer focuses on items that are harder to find elsewhere, like gluten-free stuffing and vegan or vegetarian options. But with inflation on everyone’s minds, they are always trying to negotiate the best prices and offer regular sales, like the popular Thanksgiving Sides Meal Deal.
“Our unique selection is one of the things that continue to build customer loyalty,” Macarelli said in an email. “We’ve seen more interest in our sales items, bulk products, house brand items, and a steady increase in our (membership program).” (Target, which didn’t respond to questions asking if this was a money-losing venture or marketing gimmick, is still advertising the deal.)
Respondents to last week’s What’s Working reader poll on the cost of Thanksgiving dinner shared how they were saving money this Thanksgiving, even if they expect to spend more because of inflation.
One person hightailed it to a Target for the $20 meal deal but was “met with Out of Stock signs including the turkey.” Target, which didn’t respond to questions asking if this was a money-losing venture or marketing gimmick, is still advertising the deal.
Others are avoiding being the host or are hosting a smaller gathering. Some shared that they love to eat so a higher budget is not an issue, or they’re buying a prepared meal from a local restaurant.
At least, said another reader, Thanksgiving is “still one of the cheapest holiday meals anyone can make from scratch.”
Other Thanksgiving bits for Colorado:
➔ Busiest holiday highway for Colorado drivers? Travel service AAA predicts that driving southbound I-25 from Fort Collins to Denver on Thanksgiving Day will be the most congested stretch over the long holiday weekend. More people are driving in 2024, which AAA proclaims as the “year of travel.” That’s based on the travel company’s projection that 79.9 million people nationwide will drive more than 50 miles over the Thanksgiving holiday nationwide, which is 2%, or 1.7 million, more than last year. At least Colorado gas prices have dropped. On Friday, a gallon of regular gas averaged $2.93, down 20 cents from last Thanksgiving, according to AAA’s gas prices tracker. >> See AAA’s data
➔ Dec. 1 will be busiest day at Denver airport. OK, so people are driving and flying this Thanksgiving. Based on tickets sold, Denver International Airport expects the Sunday after Thanksgiving to be the busiest of the weekend, with 90,539 passengers passing through security. If it hits that, that’ll make Dec. 1 the second busiest day for security screeners this year. The busiest day so far? July 7 with 93,591 passengers screened and the busiest day on record for the airport.The Transportation Security Administration, which handles screening nationwide, also predicts Dec. 1 will be its busiest. >> DIA travel tips
➔ Parking deal at Colorado Springs Airport. The airport doesn’t have projections for how busy it expects Thanksgiving travel to be but it shared that year-to-date passenger numbers are 7.4% higher than a year ago, at 2,071,069 passengers this year. The airport is also offering a 50% off parking deal for locals during the holidays periods. Daily parking rates drops to $4 between Nov. 25 to Dec. 1, as well as Dec. 20 to Jan. 2. >> Details
➔ Ibotta’s cash-back Thanksgiving dinner bundle. Ibotta is once again offering a Thanksgiving dinner — including a turkey or ham — that could end up being free for new customers or those eligible for Supplemental Nutrition Assistance Program, or SNAP. Users of Ibotta’s cash-back mobile app can get their money back on five items that are part of the traditional turkey dinner. After purchase, receipts must be scanned into the app to qualify for the cash back. The maximum award is $27.25. Purchases must be made by Nov. 27 and redeemed within seven days of purchase. Existing Ibotta customers have a separate deal for up to $20 back. >> Details
Thanks for tuning in for this special Thanksgiving week edition of What’s Working. (If you missed the most recent one, read it here to find out why Colorado’s job growth topped the nation but not in the way you’d think.)
I’ll be out for the holiday so we’ll see you back here in December. As always, share your 2 cents on how the economy is keeping you down or helping you up at cosun.co/heyww. ~ tamara
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