Target joins other big box stores offering Thanksgiving meals at bargain prices

Target has joined other major retailers in releasing Thanksgiving meals that will reportedly cost less than previous years' offerings.

The Minneapolis-based chain announced Monday that its $20 per person “traditional Thanksgiving feast” will be $5 less than last year's offering.

The meal includes signature versions of turkey, potatoes, stuffing, gravy, cranberry sauce, green beans and mushroom soup.

Major cost savings included Turkey at $0.79 per pound, down 20% from last year, Target said.

The meal is designed for four people.

Members of the paid membership rewards program Target Circle 360 ​​also receive a free pizza.

Target also offers sides and desserts like mac and cheese and cake for under $5.

Last week, Target said it would cut prices on about 10,000 items in 2024 amid easing inflation.

Target's announcement follows similar announcements from Walmart and Aldi last week, which announced cheaper Thanksgiving meals. Walmart said its “inflation-free Thanksgiving menu” consists of 29 items for eight people for less than $7 per person – a lower price than last year's offering, it said.

Aldi, the grocery giant, said its Thanksgiving meal for 10 people was less than $47 less than what a similar meal would have cost in 2019.

In general, the inflation rate of consumer prices cooled down significantly in 2024 and increased by only 1.6%. A measure that monitors the price of food eaten at home rose even less – just 0.5% year over year.

However, many consumers, particularly those with lower incomes, continue to struggle under the weight of the overall price increases that have occurred since the start of the pandemic. A recent study from the Federal Reserve found that retail spending by people with annual incomes of less than $60,000 declined on a net basis from mid-2021 to mid-2023, increasing just 7.8% since 2018, compared to 17% for high earners and 13.3% for middle-income earners.

Just before the pandemic, spending rates for each group were about the same.