Turkeys are estimated to cost Americans nearly a billion dollars for Thanksgiving 2021
Research shows Americans will spend roughly $144 million more on their Thanksgiving bird this year.
Americans aren’t the only ones riding the train to Gravy Town and getting stuffed this Thanksgiving. According to the National Turkey Federation, 88% of Americans say they will be eating Thanksgiving turkey.
Last year, this equated to an expected 292 million Americans gathering to enjoy this yearly feast. For 2021, expect to see an increase of more than 700,000 turkey lovers.
Finder crunched the numbers to find out how much Americans are expected to spend on turkey this coming Thanksgiving compared to last year. An estimated total of $783 million was spent on turkey last Thanksgiving. This year, our estimates show that Americans are expected to spend $927 million, $144 million more. This increase is driven by an expected increase in the price per pound of turkey this Thanksgiving compared to last year.
This is based on a projection that 16 lb turkeys will cost $20.15 the week before Thanksgiving. To estimate this cost, we used weekly retail price data from the United States Department of Agriculture (USDA)’s Agricultural Marketing Service to project the weekly price of a whole, frozen turkey during Thanksgiving 2021.
The cost of turkeys this Thanksgiving
46 million: Number of turkeys expected to be consumed on Thanksgiving Day
292 million: Number of Americans likely to be eating a turkey dinner
88%: Proportion of Americans to be feasting on Thanksgiving turkey
$927 million: Spend on turkeys this Thanksgiving
Comparing the cost of a turkey over time
Let’s take a closer look
The average price of a turkey has increased by 18.4% in 2021, from $17.03 in 2020 to $20.15 in 2021. That’s greater than than the inflation rate of 5.7% from 2020 to 2021 so far. Over the past 10 years, the swing in the price of a turkey during Thanksgiving has been more volatile than the change in inflation over the same period of time.
Quick tips from Finder’s personal finance expert, Laura Adams, MBA, on how to save money on your Thanksgiving meal:
“Many ways to save money begin by having a plan, and Thanksgiving dinner is no different. Create your menu as soon as possible so you can shop early and take advantage of grocery discounts. Also, frozen turkeys are usually less expensive than fresh ones, but they take days to thaw. So, don’t make the mistake of waiting to shop for your holiday meal; otherwise, you’ll pay the most for it.”
“Other ways to save include purchasing your dinner with a rewards credit card that pays cashback at grocery stores. You might also share the cost of your Thanksgiving meal with family or friends. If everyone chips in and brings a delicious dish, it can make the holiday more affordable for everyone you celebrate with this year.”
Fun Thanksgiving turkey facts
In 2020, the average American ate 15.8 pounds of turkey
Turkey hens (female) are usually sold as whole birds. Toms (male) are processed into turkey sausage, turkey franks, tenderloins, cutlets and deli meats.
The heaviest turkey ever raised was 86 pounds, about the size of a large dog.
Male turkeys gobble, hens do not. Female turkeys make a clicking noise.
In 2020, 5.22 billion pounds of turkey were consumed in the United States
The number of turkeys eaten each Thanksgiving was sourced from the University of Illinois Extension. The percentage of Americans that eat turkey each Thanksgiving was sourced from the .
To calculate the total spend on turkeys this Thanksgiving, finder.com projected the average cost of a 16-pound turkey this November based on the weekly price of frozen, whole turkeys from the USDA’s Agricultural Marketing Service. We forecast the price per pound of turkey based on weekly turkey prices since January 2018 using the ratio-to-moving average method to account for the seasonality in turkey prices.
We multiplied the projected cost of a 16-pound turkey by the estimated number of turkeys eaten each Thanksgiving to find the total expected to be spent on Thanksgiving turkeys this year.
Note that the projection method used from last year to this year has changed. The previous year’s projected price was based on the monthly price of turkey, whereas this year’s projected price is based on the weekly price of turkey. Additionally, last year’s total estimate was based on the projected average price of a whole turkey during the month of November, while this year’s total estimate is based on the projected average price of a whole turkey the week of Thanksgiving. This change was made since the monthly average turkey price data has not been updated by the Bureau of Labor Statistics since February 2020.
View previous years
Americans aren’t the only ones riding the train to Gravy Town and getting stuffed this Thanksgiving. According to the National Turkey Federation, 88% of Americans say they will be eating Thanksgiving turkey.
Last year, this equated to an expected 290 million Americans gathering to enjoy this yearly feast. For 2020, expect to see an increase of more than 400,000 turkey lovers.
Finder has crunched the numbers in order to find out how much Americans are expected to spend on turkey this coming Thanksgiving in comparison with last year. We estimated a total of $968.8 million being spent on turkey last year. This year, our estimates show that Americans are expected to spend $1.095 billion, $55.9 million more. This increase is driven by an increase in the price per pound of turkey this November compared to last November.
46 million: Number of turkeys expected to be consumed on Thanksgiving Day
291 million: Number of Americans likely to be eating a turkey dinner
88%: Proportion of Americans to be feasting on Thanksgiving turkey
$1.095 billion: Spend on turkeys this Thanksgiving
Fun Thanksgiving turkey facts
In 2012, the average American ate 16 pounds of turkey
Turkey hens (female) are usually sold as whole birds. Toms (male) are processed into turkey sausage, turkey franks, tenderloins, cutlets and deli meats.
The heaviest turkey ever raised was 86 pounds, about the size of a large dog.
Male turkeys gobble, hens do not. Female turkeys make a clicking noise.
In 2011, 726 million pounds of turkey were consumed in the United States
Quick tips from the author, Chelsea Wells-Barrett, on how to save money on your Thanksgiving meal this year:
“Consider planning your meals with nearby family members and splitting the bill. Each year since my in-laws moved to town, my mother-in-law and I make a holiday menu together and then delegate each meal item. By planning ahead, we’re able to avoid buying ingredients we already have and sharing the cost of items we’ll both use and need. This also allows us to stay within budget, greatly reducing financial stress.”
“Utilize shopping apps like iBotta to receive cashback on qualifying items. If you have and plan to use credit cards, make sure you use one that will give you the best bang for your buck on groceries.”
“Don’t be afraid to go off-brand. Generic brands are often less money than name-brand items with little to no difference in ingredients. Consider buying the store-brand organic item instead of the most popular brand. Look for inexpensive alternatives to the ingredients you need and compare prices before checking out.”
To calculate the total spend on turkeys this Thanksgiving, finder.com projected the average cost of a 16 pound turkey this November based monthly retail price data from the Economic Research Service at the US Department of Agriculture (ERS USDA). We forecast the price per pound of turkey based on monthly turkey prices since August 2018 using the ratio-to-moving average method to account for the seasonality in turkey prices.
We multiplied the projected cost of a 16-pound turkey by the estimated number of turkeys eaten each Thanksgiving to find the total expected to be spent on Thanksgiving turkeys this year.
For Americans, kneading dough for a pumpkin pie is equally as important as spending dough on the perfect Thanksgiving bird. Either way, gobble gobble! According to the National Turkey Federation 88% of Americans say they will be eating Thanksgiving turkey this year. The University of Illinois Extension reports that Americans will collectively consume 46 million turkeys despite spending less money doing so.
Last year, this equated to an expected 279 million Americans gathering to enjoy this yearly feast. For 2019, expect to see an increase of 10.6 million turkey lovers.
Finder has crunched the numbers in order to find out how much Americans are expected to spend on turkey this coming Thanksgiving in comparison with last year. We estimated a total of $976.9 million being spent on turkey last year. This year, our estimates show that Americans are expected to spend only $968.8 million even though the number of turkeys being consumed is likely to increase.
This is based on a projection that 16 lb turkeys will cost $21.06 this year. To estimate this cost we used data from the American Farm Bureau Federation looking at the price change from 2017-2018.
Tips for choosing a Thanksgiving turkey
Aim for at least 1 pound of uncooked turkey per person — which is enough to feed everyone and provide leftovers.
Either fresh or frozen is just fine, but check the sell-by date if buying it fresh. For every 5 pounds of frozen turkey, give yourself at least 24 hours for thawing in the fridge.
Prices can range from a low $0.59 per pound at supermarkets to $7 per pound or higher for heritage turkeys. Shop around for the best deal based on your tastes, farming philosophy and budget.
Thanksgiving turkey facts
77% of whole turkeys sold throughout the year are sold in November, totaling nearly 400 million pounds of turkey in that month alone, according to Nielsen.
President Abraham Lincoln proclaimed Thanksgiving a national holiday in 1863.
The White House tradition of “pardoning” a turkey can be traced to President Lincoln in 1863.
A baby turkey is called a poult.
June is National Turkey Lovers month.
Minnesota produces the most turkeys among all the states.
Turkey is a healthy protein source. A three-ounce serving of cooked skinless turkey offers fewer calories from fat, zero saturated fat and 8% more protein than chicken, says the National Turkey Federation.
Not sure how to pay for Thanksgiving this year?
Here are some quick tips from the author, Chelsea Wells-Barrett, on keeping your cash and your gratitude:
“Shopping in bulk can act as a serious money-saver during Thanksgiving. If you’re expecting a large crowd, look at buying ingredients for your big-ticket dinner entree items such as green bean casserole, spiral ham and even your turkey from a bulk store.”
“While planning your travel this season, remember to look at travel sites such as Skyscanner for the most competitive rates. By doing a bit of research, you could save money on hotels, rental cars, and flights. Your wallet doesn’t have to be less full than your stomach this Turkey day.”
“Most of us are familiar with the last minute shopping spree because maybe we forgot the bread for our stuffing. Planning ahead can save a respectable amount of time, stress and money. Consider making a list of everything you know you’ll need and keep an eye out when you’re at the store for non-perishable ingredients on sale. You can also save your receipts to know how to financially prepare and save for next year’s meal.”
Methodology
To calculate the total spend on turkeys this Thanksgiving, finder.com projected the average cost of a 16-pound turkey ($21.06) based on the average change in cost over the past two years (-2.99) according to the American Farm Bureau Federation’s annual survey
88% of Americans surveyed by the National Turkey Federation eat turkey on Thanksgiving.
We multiplied the projected cost of a 16 pound turkey ($21.06) by 46 million turkeys to find a total of about $968 million expected to be spent on Thanksgiving turkeys this year.
Americans to spend an estimate of $968.8 million on Thanksgiving turkeys in 2019
We’ll spend less on the main course this year, despite a higher number of turkeys forecast.
For most Americans, roasting a turkey is a Thanksgiving Day tradition. In fact, up to 85% of Americans say they’ll consume this main course as part of the celebration, totaling some 45 million turkeys eaten on Thanksgiving, according to the National Turkey Federation.
In 2017, 277 million Americans gathered to enjoy this annual feast. This year, the estimate is a higher 280 million.
Finder.com crunched the numbers to learn just how much Americans are expected to spend this coming Thanksgiving. While we shelled out $1.01 billion on turkeys last year, Americans are projected to spend only $991.16 million, but on a higher number of birds.
That’s because turkeys are cheaper when compared with last year’s prices: Data from the American Farm Bureau Federation indicates that a 16-pound turkey will cost a low $22.03 this Thanksgiving.
Tips for choosing a Thanksgiving turkey
Aim for at least 1 pound of uncooked turkey per person — which is enough to feed everyone and provide leftovers.
Either fresh or frozen is just fine, but check the sell-by date if buying it fresh. For every 5 pounds of frozen turkey, give yourself at least 24 hours for thawing in the fridge.
Prices can range from a low $0.59 per pound at supermarkets to $7 per pound or higher for heritage turkeys. Shop around for the best deal based on your tastes, farming philosophy and budget.
Thanksgiving turkey facts
77% of whole turkeys sold throughout the year are sold in November, totaling nearly 400 million pounds of turkey in that month alone, according to Nielsen.
President Abraham Lincoln proclaimed Thanksgiving a national holiday in 1863.
The White House tradition of “pardoning” a turkey can be traced to President Lincoln in 1863.
A baby turkey is called a poult.
June is National Turkey Lovers month.
Minnesota produces the most turkeys among all the states.
Turkey is a healthy protein source. A three-ounce serving of cooked skinless turkey offers fewer calories from fat, zero saturated fat and 8% more protein than chicken, says the National Turkey Federation.
Not sure how to pay for Thanksgiving this year?
The holiday season can be a costly time of year for many Americans. Rachel Dix, finder.com’s consumer advocate, says there are plenty of ways to avoid going into debt in the name of gratitude:
“Whether you’re hosting, traveling or just bringing a dish for Thanksgiving, chances are this time of year brings with it expenses outside of your everyday budget. Set yourself a special seasonal budget that covers everything you need to buy. If it looks like you may go into debt to accommodate it, see where you can create some savings.
Ask family members to contribute to the dinner, check with your manager about working remotely to travel on less expensive days around the holiday and shop around for the best prices on purchases.
Comparing prices for items on your list is one of the biggest ways you can save this holiday season. Don’t let a looming deadline lead to a panic shop. Take time to compare some of the costlier options — such as the turkey or plane fares — before you buy.”
Methodology:
To calculate the total spent on turkeys this Thanksgiving, we projected the average cost of a 16-pound turkey ($22.03) based on the average change in cost over the past two years (-1.58%) sourced from the American Farm Bureau Federation’s annual survey of classic items found on the Thanksgiving dinner table.
In November 2015, it was estimated that 45 million turkeys will be eaten on Thanksgiving Day according to the National Turkey Federation.
We multiplied the projected cost of a 16 pound turkey ($22.03) by 45 million turkeys to find a total of about $991 million expected to be spent on Thanksgiving turkeys this year.
Americans to spend over $1.01 billion on Thanksgiving turkeys in 2017
We’re going to be spending less on our favorite festive bird, despite more Thanksgiving turkeys forecast to be purchased this year.
For many Americans, Thanksgiving wouldn’t be complete without a roast turkey on the table. In 2015, the National Turkey Federation reported that 85 percent of Americans will consume 45 million turkeys on Thanksgiving Day. Last year, this equated to an expected 276 million Americans gathering to enjoy this annual feast. This year, we’ve estimated even more of us consuming turkey for Thanksgiving – a whopping 277 million.
So how much will turkeys cost us this Thanksgiving? Last year, we estimated a total of $1.05 billion was spent on turkey dinners. This year, our estimates reveal that Americans are expected to spend $1.01 billion, even though the number of turkeys being consumed is likely to increase.
This is due to the projection of cheaper turkey prices in comparison with this time last year. This estimate is based on a projection that a 16 pound turkey will cost $22.44 this Thanksgiving (forecasted using 2015 and 2016 data from the American Farm Bureau Federation).
Do we spend more on our Thanksgiving or Christmas guilty pleasures?
According to Nielsen’s Advanced Fresh Perspectivedata, Thanksgiving is one of the highest-selling weeks for all food and beverage categories combined in the US, second only to the week of Christmas.
Last year, the amount spent on turkey ($1.054 billion) barely came out on top of the $1.050 billion spent on seasonal sweets. This year, however, turkey sales during Thanksgiving ($1.01 billion) are expected to be just short of the amount spent on candies at Christmas time.
Methodology:
To calculate the total spend on turkeys this Thanksgiving, finder.com projected the average cost of a 16 pound turkey ($22.44) based on the average change in cost over the past two years (-1.3%) sourced from the American Farm Bureau Federation’s annual informal price survey of classic items found on the Thanksgiving Day dinner table, 2016 report.
In November 2015, it was estimated that 45 million turkeys will be eaten on Thanksgiving Day according to the National Turkey Federation.
We multiplied the projected cost of a 16 pound turkey ($22.44) by 45 million turkeys to find a total of $1,009,975,781 or just under $1.01 billion expected to be spent on Thanksgiving turkeys this year.
Americans to spend over $1.05 billion on Thanksgiving turkey this year
Credit card debt is expected to reach new highs as the silly season swings into gear!
The humble turkey dinner on Thanksgiving is a staple for most households across America. In fact, 85 percent of Americans will consume 45 million turkeys on Thanksgiving day, according to a 2015 report by the National Turkey Federation. This trend is likely to continue, with an expected 276 million Americans enjoying the festive feast once again this year.
So how much will this tasty poultry feast cost? We crunched the numbers and found that Americans will be spending over $1.05 billion turkeys alone this Thanksgiving, on November 24. That’s before any of the trimmings and beverages they’ll also consume. finder.com estimates that a 16 pound turkey will cost $23.44 this Thanksgiving, projected based on the past five years of data from the American Farm Bureau Federation.
And being the month before the biggest holiday season of the year, November is one of the most expensive months for credit cardholders. Last year, Americans’ combined credit card debt reached $733 billion in the last quarter of 2015 (October-December) – an increase of $19 billion from the previous quarter. We’re expecting November to be an even bigger month of credit card spending this year.
How does Thanksgiving spending compare to Christmas?
The week of Thanksgiving is one of the highest-selling weeks for all food and beverage categories combined in the U.S., second only to the week of Christmas, according to Nielsen’s Advanced Fresh Perspective data.
Despite this, turkey sales just top the amount of money spent on candy at Christmas time, with $1.049 billion spent on the seasonal sweet stuff compared to $1.054 estimated to be spent on turkeys this Thanksgiving.
Aim for at least one pound of uncooked turkey per person. This should be enough to feed everyone as well as provide leftovers.
Fresh or frozen? Either is just fine, so base the decision on what works best with your schedule, but always check the sell-by date if you’re buying it fresh, and give yourself at least 24 hours refrigerator thawing time for every five pounds of frozen turkey.
Prices per pound can range from as low as $0.59 in some supermarkets to $7 and higher for heritage turkeys, so shop around for the best deal based on your tastes, farming philosophy and wallet. Here’s a look at the average cost of 16 pound turkey:
Thanksgiving Turkey facts:
77% of whole turkeys sold throughout the year are sold during the month of November and nearly 400 million pounds of turkey are sold in November, according to Nielsen.
President Abraham Lincoln proclaimed Thanksgiving a national holiday in 1863.
The White House tradition of “pardoning” a turkey has been traced to President Lincoln in 1863.
A baby turkey is called a Poult.
June is National Turkey Lovers’ month.
Minnesota produces the most Turkey of all the states.
Turkey is healthier than any other protein source, according to the National Turkey Federation. A three-ounce serving of cooked skinless turkey has fewer calories from fat, zero saturated fat and 8% more protein than chicken.
Not sure how to pay for Thanksgiving this year?
There’s no doubt that thanksgiving is an expensive holiday for many families across America. And lack of funds can dampen the festive season. finder.com’s Money Expert, Michelle Hutchison, says it pays to shop around before hitting the mall or your favorite online store.
“Thanksgiving is a special day for enjoying time with friends and family but it is also one of the most expensive days of the year for many families, especially if you are the one hosting. Turkey prices vary from store to store, with some as low as $0.59 a pound if you spend a minimum on other produce, so it pays to shop around.f2017
“But what is really going to save you money in the long-term is setting a budget ahead of time. Creating a budget can help you avoid having to use your credit card and accruing interest if you don’t pay it off in time. If you do find yourself using your credit card more than usual and struggle to pay it off, it’s worth considering a balance transfer where you can transfer your debt to another card with low or no interest for a certain period of time.
Methodology:
To calculate the total spend on turkeys this Thanksgiving, finder.com projected the average cost of a 16 pound turkey ($23.44) based on the average growth of cost over the past five years (1.72%) sourced from the American Farm Bureau Federation’s annual informal price survey of classic items found on the Thanksgiving Day dinner table, 2015 report.
In November 2015, it was estimated that 45 million turkeys will be eaten on Thanksgiving Day according to the National Turkey Federation.
We multiplied the projected cost of a 16 pound turkey ($23.44) by 45 million turkeys to find a total of $1,054,582,037 or over $1.05 billion expected to be spent on Thanksgiving turkeys this year.
Chelsea Wells-Barrett is part of the public relations crew at Finder. She's passionate about providing quality support and content, empowering the people around her to make the most informed decisions to apply to their personal finances.
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