LANSING, Mich. (Michigan News Source) – As families gather around Thanksgiving dinners today, the economy has given them extra reasons to be thankful: the cost of a Thanksgiving dinner has declined for the third year in a row, according to a report by the American Farm Bureau Federation.

The Farm Bureau’s 40th annual Thanksgiving dinner survey found that the average cost of a holiday feast for 10 people in the U.S is $55.18 or $5.52 per person. In Michigan, the cost is $51.80.

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In 2023 the cost was $61.17, and in 2024, the cost was $58.03. The big contributor to the price drop is the turkey, which this year costs $1.34 per pound, a 16% price drop from last year.

“Shoppers will see relief in the price of turkeys, which typically make up the highest cost of a traditional Thanksgiving dinner,” said Michigan Farm Bureau Livestock Specialist Pierce Bennett to the Michigan Farm News.

Because the turkey costs less, it also takes up less of consumers’ dinner budgets.

“Turkey has accounted for an average of 43% of the total dinner cost in past years,” Pierce said. “However, this year, a 16-pound turkey only accounts for 39% of the cost of a 10-person Thanksgiving dinner, the lowest share since 2000.”

The other items surveyed included turkey, stuffing, sweet potatoes, rolls, peas, cranberries, a veggie tray, and pumpkin pie with whipped cream.

The Farm Bureau calculated the prices by compiling pricing data gathered from volunteer shoppers across all 50 states and Puerto Rico.