New Data Shows Inflation Reversal for Most Thanksgiving Groceries
After a long period of extended inflation concerns, U.S. shoppers can look forward to lower costs for some of the most popular Thanksgiving Day groceries according to new data from ecommerce accelerator, Pattern. In fact, the centerpiece of many Thanksgiving dinner tables — a whole turkey — has decreased in price by 4.17% from October 2022 – October 2023.
Why it matters: With the U.S. Bureau of Labor Statistics reporting a 3.7% price increase year over year for most consumer goods, the financial relief for common Turkey Day staples comes as a welcome surprise for American consumers. As shoppers prepare to stock up on their holiday favorites, they can do so with added peace of mind knowing it won’t cost a fortune.
What we’re seeing: Our data science team analyzed pricing data on some of the most searched for Thanksgiving groceries on Amazon U.S. Marketplace for every day of 2022 and 2023. According to our findings, the typical basket of Thanksgiving-related groceries has dropped 0.48% year over year, with the following items seeing the most significant inflation reversal:
- Milk went down in price by 9.58% from October 2022 – October 2023
- Potatoes -9.12%
- Green Beans -6.13%
- Apples -5.69%
- Onion -5.10%
- Turkey -4.17%
Yes, but: Despite the fact that the majority of Thanksgiving groceries have become more affordable this year, there are still a few items that could burst your budget if you’re not careful:
- Sweet Potatoes increased in price by 10.34% from October 2022 – October 2023
- Olive Oil +10.31%
- Eggs +4.03%
- Chicken Broth +3.44%
- Cranberries +3.32%
- Brown Sugar +2.74%
Moreover: The cost of most cooking equipment has also seen an increase year over year, which could potentially offset consumers’ grocery savings depending on the type of equipment they need to update. Here’s a breakdown of how much more cooking equipment will cost you this year versus last Thanksgiving:
- Baking Pans increased in price by 12.46% from October 2022 – October 2023
- Sheet Pans +6.86%
- Casserole Dishes +6.56%
- Serving Platters +5.25%
- Stand Mixers +4.08%
- Pie Dishes +3.84%
The takeaway: New data suggests shoppers can look forward to lower costs on some of the most popular Thanksgiving groceries, with the average basket of groceries costing 0.48% less than last year. However, consumers who need to upgrade their cooking equipment may do so at the expense of their grocery savings as the cost of many common holiday kitchen necessities has risen year over year.
Pattern’s data science team analyzed pricing information on the most searched for Thanksgiving groceries and cooking equipment on Amazon U.S. Marketplace for every day of 2022 and 2023 so far to better understand what shoppers can anticipate from their holiday shopping experience. If you’re interested in using insights like these to drive your ecommerce strategy forward, connect with our data analysts today.
