As the holiday season approaches, Target is stepping up to provide affordable Thanksgiving meals, joining other major retailers in a bid to ease the financial burden on consumers. The Minneapolis-based retailer announced its “traditional Thanksgiving feast” will be available for just $20, a $5 drop from last year’s price, making it an attractive option for families looking to celebrate without breaking the bank.
The Thanksgiving meal, designed to serve four people, includes a variety of brand-name holiday staples such as turkey, potatoes, stuffing, gravy, cranberry sauce, green beans and mushroom soup. Target highlighted significant cost savings, particularly on turkey, which is set at $0.79 per pound, a 20% decrease compared to last year.
In addition to the main meal, Target is offering side dishes and desserts for under $5, including options like mac and cheese and various pies. Members of the Target Circle 360 paid membership rewards program will also receive a complimentary pizza, adding even more value to their shopping experience.
Target’s announcement follows similar initiatives by retailers such as Walmart and Aldi. Walmart introduced its “inflation-free Thanksgiving meal,” which includes 29 items serving eight people for less than $7 per person, while Aldi committed to offering a 10-person Thanksgiving meal for under $47, lower than 2019 prices.
These price reductions come amid a significant shift in consumer price inflation, which has cooled considerably in 2024, rising only 1.6%. The cost of food consumed at home has seen an even smaller increase of just 0.5% over the past year. However, many consumers, particularly those with lower incomes, continue to feel the strain of accumulated price increases since the onset of the pandemic.
A recent Federal Reserve study revealed that households earning less than $60,000 annually experienced a decline in retail spending from mid-2021 through mid-2023, while higher-income households saw a 17% increase in retail spending since 2018, highlighting a growing disparity in economic recovery among different income groups.
As families prepare for Thanksgiving, Target’s commitment to providing affordable meal options is a timely response to the ongoing economic challenges many face. With competitive pricing and a focus on value, Target aims to make the holiday season more accessible for everyone.
For those looking to celebrate Thanksgiving without overspending, Target’s offerings present a viable solution, ensuring that families can gather around the table and enjoy a festive meal together.
