FOX Business’ Gerri Willis describes the current shopping season as particularly significant for stores nationwide during a segment on ‘Varney & Co.’ Major U.S. grocery chains are actively competing to attract budget-conscious consumers affected by high prices, by offering comparable discounted Thanksgiving meal packages. Despite a noticeable reduction in overall inflation, approaching the Federal Reserve’s target of 2%, the prices of some food items continue to rise at double-digit rates.
According to Primerica’s recent Financial Security Monitor survey, 40% of households earning between $30,000 and $130,000 annually identified inflation as their primary concern. In response, retailers like Aldi, Walmart, and Sam’s Club have started offering discounted Thanksgiving meal packages, following a similar trend seen during the previous holiday season.
Aldi has announced its lowest-priced Thanksgiving basket in five years, offering a complete meal for 10 people for under $47. This meal, breaking down to less than $4.70 per person, includes a Butterball turkey with spices, gravy, rolls, macaroni and cheese, stuffing, and ingredients for cranberry sauce, mashed potatoes, sweet potato casserole, green bean casserole, and pumpkin pie. The company attributes this offer to growing consumer demand, which they say is driving their planned expansion of 800 new stores over the next five years.
Walmart has also revealed its “inflation-free Thanksgiving meal”, designed to cost less than the previous year at approximately $7 per person. This meal for eight people includes 29 items, featuring a turkey priced at $0.88 per pound, along with sweet Hawaiian rolls, corn, cranberry sauce, gravy mix, mushroom soup, corn mix, and a pecan pie. This offer is available until December 24.
Sam’s Club, under Walmart’s ownership, is providing a complete Thanksgiving dinner for 10 people for under $100, which includes turkey, trimmings, and dessert, as stated by CEO Chris Nicholas.
Despite reported signs of consumer spending tightening, National Retail Federation Chief Economist Jack Kleinhenz noted that September’s retail sales data indicates consumers are still open to spending on items they perceive as having value.
