Lower meat prices may edge out turkey this Thanksgiving

As Thanksgiving approaches, U.S. consumers may be pleased to see lower prices meat prices at the grocery store. But might competitive meats push turkey off the Thanksgiving table this holiday season?

Matt Beeson Author Headshot
alexraths, Bigstockphoto.com
alexraths, Bigstockphoto.com

As Thanksgiving approaches, U.S. consumers may be pleased to see lower meat prices at the grocery store. But, might competitive meats push turkey off the Thanksgiving table this holiday season?

The wholesale cost of the major meats in October 2016 is much lower than a year ago, while side items and transportation fuel have remained low since 2015.

Thanksgiving-meat-prices-2016

Prices of ham and strip steak have plunged in the past year to become more competitive with poultry.

Choices for budget-driven consumers

Although it’s hard to fathom Americans turning their backs in mass to the turkey tradition that began 400 years ago, this year’s truly budget-driven Americans may consider beef and pork alternatives. Some may choose to fire up the grill and enjoy steak at prices not seen in more than four years. Consumers might put a ham or pork loin in the oven at prices competitive with turkey. And, for the downscale shopper, hamburger is down 14 percent from a year ago.

More beef, pork features at grocery store?

The price table shows wholesale prices, not consumer prices. One can’t predict which products retailers will choose to feature and at what prices. Retailers’ margins in the meat case have expanded as wholesale prices have fallen; therefore they have plenty of room for aggressive features of both beef and pork.

This Thanksgiving, consumers can be thankful for the price of whichever meat they choose to serve.

 

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