Families are going bigger on their Thanksgiving turkeys this year as Americans return to the way they celebrated pre-pandemic, according to Butterball CEO Jay Jandrain.
"We expect bigger turkeys this year because we are going to have bigger groups," Jandrain said during an interview on "The Claman Countdown." "People are travelling more this year. They are able to get back to celebrating with their friends and family that maybe they didn’t do the last couple of years."
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"When you can buy a turkey for about a dollar per pound, compare that to any other protein, and it's really hard to come up with a solution that is going to be better than that from an economic standpoint," added the exec.
While the cost of the classic holiday meal remains elevated, the overall Thanksgiving dinner will be roughly 4.5% cheaper this year compared to 2022, an American Farm Bureau Federation survey showed. The average cost of a 16-pound turkey is 5.56% cheaper than last year.
Meanwhile, prices for red meat — non-traditional Thanksgiving fare — remain elevated, with beef and veal up nearly 9% in October month-over-month, steak up 10.6% and ground beef up 7.9%, according to the consumer price index for October.
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Americans will spend an average of $61.17 on a meal for 10 people — about $6.12 per person — this holiday season, which is $2.88 cheaper than last year's record-high average of $64.05. The average Thanksgiving meal is still about 25% more expensive than it was in 2019.
After the turkey, the remaining sides for 10 eaters included stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray and pumpkin pie with whipped cream. All categories were priced to feed a group of 10 with a little extra for leftovers.
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FOX Business’ Breck Dumas contributed to this report.
