Inflation-Free Thanksgiving? These Stores Are Slashing Prices Ahead of the Holiday

Retail and grocery chains are wielding their turkey carving knives in a battle to slash prices ahead of Thanksgiving.

Target, Walmart and Aldi have already started lowering the cost of certain holiday-related items nationwide in their latest bid to win back inflation-weary shoppers. The trend highlights how retailers are trying to lure in shoppers who have been hammered by four years of soaring prices, some of which are especially noticeable at supermarkets.

Since the start of the pandemic, overall inflation has risen 22%. Grocery prices, meanwhile, have spiked nearly 26%.

That's of particular concern heading into Thanksgiving, when the average dinner alone costs $60 to $65, according to the American Farm Bureau. That same weekend, the National Retail Federation says Americans spend over $320 on other holiday-related items.

Here’s a look at where the three retailers are lowering prices this holiday season.

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Aldi

The no-frills German supermarket says it’s now offering its lowest-priced Thanksgiving meal package in five years, coming in at about $47 for a family of 10.

The ingredients and dishes include a Butterball turkey, spices, gravy, bread rolls, macaroni and cheese, stuffing and all the ingredients for green bean casserole, cranberry sauce, mashed potatoes, pumpkin pie and sweet potato casserole. No coupons are needed.

“We know grocery prices are still top of mind for customers,” Aldi CEO Jason Hart said in an announcement last week. “Everyone can enjoy a traditional meal with family and friends without having to scale back.”

Aldi — a sister grocer to Trader Joe’s — is now one of the fastest-growing supermarkets in the U.S., with about 2,500 stores in 39 states.

Target

Target is back again with a fresh round of price cuts. This time, the retailer has said price tags on more than 2,000 items are on the chopping block, among them holiday foods and beverages, toys, everyday essentials, beauty products and other household items.

“We know families are excited to celebrate the holidays, so Target is committed to helping them find joy without compromise — with great products across our assortment at even lower prices,” Rick Gomez, Target's executive vice president and chief commercial officer, said in a statement Tuesday.

Earlier this year, Target implemented a major wave of price reductions, first announcing 5,000 but since expanding to about 8,000 items, the company said. And in February, it debuted a private-label brand called Dealworthy, which includes a slew of household products mostly under $10.

This new batch of price reductions will bring total cuts in 2024 to over 10,000 products, the company said. These reduced base prices are in addition to the box store’s typical sales and deals around the holidays.

Walmart

Similar to Aldi, Walmart is slashing prices on groceries related to a traditional Thanksgiving dinner. The retail behemoth says its "inflation-free Thanksgiving" meal of 29 items — from turkey to pecan pie — can serve eight people for around $56 this year.

Walmart-owned Sam’s Club, a members-only wholesale retailer, is running a similar Thanksgiving platter, serving 10 people for under $100.

Following in Target’s footsteps, Walmart cut prices on 7,200 products across a range of categories in August. In April, it also released a new private, budget-focused brand dubbed Bettergoods, with most items priced around $5.

CEO Doug McMillon recently signaled more price cuts could be on the way.

“We are wired to help bring prices down,” he said in a second-quarter earnings call in August. “And we'll continue working to get more rollbacks to help customers and help members save money.”

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