Money Research Collective’s editorial team solely created this content. Opinions are their own, but compensation and in-depth research determine where and how companies may appear. Many featured companies advertise with us. How we make money.
Inflation-Free Thanksgiving? These Stores Are Slashing Prices Ahead of the Holiday
By Adam Hardy MONEY RESEARCH COLLECTIVE
Retailers are trying to lure in shoppers who have been hammered by four years of soaring prices.
Retail and grocery chains are wielding their turkey carving knives in a battle to slash prices ahead of Thanksgiving.
Target, Walmart and Aldi have already started lowering the cost of certain holiday-related items nationwide in their latest bid to win back inflation-weary shoppers. The trend highlights how retailers are trying to lure in shoppers who have been hammered by four years of soaring prices, some of which are especially noticeable at supermarkets.
Since the start of the pandemic, overall inflation has risen 22%. Grocery prices, meanwhile, have spiked nearly 26%.
That’s of particular concern heading into Thanksgiving, when the average dinner alone costs $60 to $65, according to the American Farm Bureau. That same weekend, the National Retail Federation says Americans spend over $320 on other holiday-related items.
Here’s a look at where the three retailers are lowering prices this holiday season.
Aldi
The no-frills German supermarket says it’s now offering its lowest-priced Thanksgiving meal package in five years, coming in at about $47 for a family of 10.
The ingredients and dishes include a Butterball turkey, spices, gravy, bread rolls, macaroni and cheese, stuffing and all the ingredients for green bean casserole, cranberry sauce, mashed potatoes, pumpkin pie and sweet potato casserole. No coupons are needed.
“We know grocery prices are still top of mind for customers,” Aldi CEO Jason Hart said in an announcement last week. “Everyone can enjoy a traditional meal with family and friends without having to scale back.”
Aldi — a sister grocer to Trader Joe’s — is now one of the fastest-growing supermarkets in the U.S., with about 2,500 stores in 39 states.
Target
Target is back again with a fresh round of price cuts. This time, the retailer has said price tags on more than 2,000 items are on the chopping block, among them holiday foods and beverages, toys, everyday essentials, beauty products and other household items.
“We know families are excited to celebrate the holidays, so Target is committed to helping them find joy without compromise — with great products across our assortment at even lower prices,” Rick Gomez, Target’s executive vice president and chief commercial officer, said in a statement Tuesday.
Earlier this year, Target implemented a major wave of price reductions, first announcing 5,000 but since expanding to about 8,000 items, the company said. And in February, it debuted a private-label brand called Dealworthy, which includes a slew of household products mostly under $10.
This new batch of price reductions will bring total cuts in 2024 to over 10,000 products, the company said. These reduced base prices are in addition to the box store’s typical sales and deals around the holidays.
Walmart
Similar to Aldi, Walmart is slashing prices on groceries related to a traditional Thanksgiving dinner. The retail behemoth says its “inflation-free Thanksgiving” meal of 29 items — from turkey to pecan pie — can serve eight people for around $56 this year.
Walmart-owned Sam’s Club, a members-only wholesale retailer, is running a similar Thanksgiving platter, serving 10 people for under $100.
Following in Target’s footsteps, Walmart cut prices on 7,200 products across a range of categories in August. In April, it also released a new private, budget-focused brand dubbed Bettergoods, with most items priced around $5.
CEO Doug McMillon recently signaled more price cuts could be on the way.
“We are wired to help bring prices down,” he said in a second-quarter earnings call in August. “And we’ll continue working to get more rollbacks to help customers and help members save money.”
Reduce payments and make debt manageable with a Debt Relief program
Recommended for debts above $20,000
- Fast & easy online registration with 24/7 customer assistance
- Free, no-obligation evaluation
- Low monthly payments with no upfront fees
- A+ rating from the BBB
- $20 Billion+ debt resolved
- Helping people overcome debt since 2002
Serving customers with $20,000 of debt and more
- 100% free, no-risk consultation
- No upfront enrollment fees
- Get out of debt in 24-48 months
- Applying won’t affect your credit score
- A+ BBB rating
- Building financial well-being since 2011
Best for people with $10,000 in unsecured debt or more
- Fast and easy application process
- No upfront fees
- Free consultation, 100% confidential
- Become debt-free in 24 to 48 months
- AFC accredited and A+ rated by the BBB
- Resolving debt since 2009
More from Money:
Here’s How to Get Around Costco’s New Crackdown on Nonmembers
Will Inflation Be Worse Under Trump or Harris? Here’s What Economists Say
How Bad Is Inflation Under Biden, Really? A Global and Historical Analysis
Adam Hardy is Money's lead data journalist. He writes news and feature stories aimed at helping everyday people manage their finances. He joined Money full-time in 2021 but has covered personal finance and economic topics since 2018. Previously, he worked for Forbes Advisor, The Penny Hoarder and Creative Loafing. In addition to those outlets, Adam’s work has been featured in a variety of local, national and international publications, including the Asia Times, Business Insider, Las Vegas Review-Journal, Yahoo! Finance, Nasdaq and several others. Adam graduated with a bachelor’s degree from the University of South Florida, where he studied magazine journalism and sociology. As a first-generation college graduate from a low-income, single-parent household, Adam understands firsthand the financial barriers that plague low-income Americans. His reporting aims to illuminate these issues. Since joining Money, Adam has already written over 300 articles, including a cover story on financial surveillance, a profile of Director Rohit Chopra of the Consumer Financial Protection Bureau and an investigation into flexible spending accounts, which found that workers forfeit billions of dollars annually through the workplace plans. He has also led data analysis on some of Money’s marquee rankings, including Best Places to Live, Best Places to Travel and Best Hospitals. He regularly contributes data reporting for Best Colleges, Best Banks and other lists as well. Adam also holds a multimedia storytelling certificate from Poynter’s News University and a data journalism certificate from the Investigative Reporters and Editors (IRE) at the University of Missouri. In 2017, he received an English teaching certification from the University of Cambridge, which he utilized during his time in Seoul, South Korea. There, he taught students of all ages, from 5 to 65, and worked with North Korean refugees who were resettling in the area. Now, Adam lives in Saint Petersburg, Florida, with his pup Bambi. He is a card-carrying shuffleboard club member.