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The cost of Thanksgiving dinner fell 4% this year

The average cost for Thanksgiving dinner fell 4% this year, according to a Farm Bureau survey. Yahoo Finance Live shares the details.

Video Transcript

ZACK GUZMAN: Thanksgiving is now just a week away. And perhaps a silver lining here coming from the American Farm Bureau Federation, which has looked at the annual cost of Thanksgiving dinners here in America over the last 35 years. And this year's report shows that the cost of a Thanksgiving dinner is down by about 4% here in 2020.

That's the lowest that we've seen that the AFBF has reported since 2010. So, Akiko, there's a silver lining there, including the cost of a turkey that costs less than last year to at $19.39 for a 16-pound bird. Perhaps at least one reason there, Akiko, to be excited for Thanksgiving this year.

AKIKO FUJITA: Yeah. I mean, that's a 7% decline right? That seems pretty significant. It is surprising I think. Because we've been talking so much about how supply chains have been hit hard. And that has led to inflated food prices.

But one of the other good things here is that in addition to the turkey, the Farm Bureau says the price decline includes whipped cream and sweet potatoes, which of course, we all like to eat. Right? One thing here in terms of the food increases, we're talking about dinner rolls and bread stuffing and pumpkin pie mix, which may not be good news for a lot of other people.

I do wonder, though, if families are spending less money this year. Because we've heard so much from doctors about not holding these big family dinners. And you have to wonder if that leads to some cost savings too.

ZACK GUZMAN: Yeah. Well, we talked about that, obviously the cost savings. I'm always surprised. Every year I'm surprised to see that the Thanksgiving dinner only costs $46.90 this year. That's what it's gonna be, less than $5.00 per person. It never seems like that when you go out and buy all the fixings. But it's relatively cheap.

Really the costs come down to travel, I guess, if you're gonna be doing that. And we know fewer people are doing that this year. You look at AAA's travel forecast for Thanksgiving of 2020, down 10% versus last year. We know that airlines are suffering with traffic falling as well. I mean, there's a lot here to point to.

[SIRI DEVICE IN BACKGROUND]

Even Siri has something to way in here on it too. I mean, there's a lot of reasons to point to Thanksgiving getting cheaper here. And at least, I guess, this year it's so hard to find any silver linings-- at least one there in the bird being cheaper. Put it on the table.

AKIKO FUJITA: And Jared highlighting very importantly, I say this as somebody who doesn't drink, that it's cheaper because people aren't drinking. Right, Jared?

JARED BLIKRE: Yeah. Well, I think that's not included in the cost. I didn't have the chance to read the report. But that was my take. And guess what. I'm getting oysters. I get in the oysters over the last seven months. They're fun. And actually not cheap.

ZACK GUZMAN: Oysters are always fun. There's nothing wrong with bringing oysters to Thanksgiving as well. Perhaps actually even more historically accurate as well. But for that-- we'll leave that there. We'll leave you with the one positivity of it being cheaper there.

For Jared Blitkre, Akiko Fujita, I'm Zack Guzman. And that'll do it for us here on "Yahoo Finance Live" in our hours. But stay tuned. We got much more coming your way right after this.