Major U.S. grocers are going head-to-head, offering similar discounted Thanksgiving meal baskets to lure in cost-conscious customers who are squeezed by high prices.
Although overall inflation has fallen significantly, inching closer to the Federal Reserve’s intended 2% target, prices for some food items remain up by double-digits.
Primerica’s latest Financial Security Monitor survey polled households making between $30,000 and $130,000 annually and discovered that 40% of respondents cited inflation as their top worry.
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As a result, in recent weeks, Aldi, Walmart and Sam’s Club have already announced that they are offering discounted Thanksgiving baskets. Continuing the trend we saw leading up to last year’s holiday season.
Aldi announced this week that it’s offering its cheapest Thanksgiving basket in five years. The basket includes a full meal for 10 people for under $47.
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The company touted that the meal equates to less than $4.70 per person and includes a Butterball turkey with spices, gravy, rolls, mac and cheese, stuffing as well as ingredients for cranberry sauce, mashed potatoes, sweet potato casserole, green bean casserole and pumpkin pie.
Aldi said this deal comes as “shopper demand is driving the retailer’s continued growth.” The company plans to open 800 stores over the next five years.
Walmart, on Thursday, also announced that it is offering a so-called “inflation-free Thanksgiving meal.”
The Arkansas-based retailer said the meal is a “lower price than last year,” costing roughly $7 per person.
The meal serves eight people and features 29 items, including a turkey costing $0.88 cents per pound. Other items include sweet Hawaiian rolls, corn, cranberry sauce, gravy mix, mushroom soup, corn mix and a pecan pie.
The meal will be available through December 24.
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Sam’s Club CEO Chris Nicholas previously told FOX Business that the company, owned by Walmart, is offering a full Thanksgiving dinner for ten people under $100. This includes the turkey, trimmings and dessert, Nicholas said.
National Retail Federation Chief Economist Jack Kleinhenz reported on Thursday that “there have been some signs of tightening in consumer spending,” though September’s retail sales data underscored that consumers are still “willing to spend where they see value.”
FOX Business’ Eric Revell contributed to this report.
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