Retailers and grocery chains are using their turkey knives in a bid to lower prices ahead of Thanksgiving.
Target, Walmart and Aldi have already begun slashing the price of some holiday items across the country in their latest attempt to win back inflation-weary shoppers. The trend highlights how retailers are trying to lure shoppers hit by four years of rising prices, some of which have been particularly noticeable in supermarkets.
Since the start of the pandemic, overall inflation has increased by 22%. Meanwhile, food prices increased by almost 26%.
This is of particular concern around Thanksgiving, when the average dinner costs between $60 and $65, according to the American Farm Bureau. During the same weekend, Americans spend more than $320 on other holiday-related items, according to the National Retail Federation.
Here’s a look at where three retailers are slashing prices this holiday season.
Aldi
The no-frills German supermarket says it is now offering its cheapest Thanksgiving meal package in five years, costing around $47 for a family of 10.
Ingredients and dishes include Turkey Butterball, spices, gravy, buns, mac and cheese, stuffing and all ingredients for green bean casserole, cranberry sauce, mashed potatoes, pumpkin pie and sweet potato casserole. No coupons needed.
“We know that grocery prices continue to be a top priority for customers,” Aldi CEO Jason Hart said in a statement last week. “Everyone can enjoy traditional food with family and friends without having to give it up.”
Trader Joe’s sister grocery store Aldi is now one of the fastest-growing supermarkets in the U.S., with nearly 2,500 stores in 39 states.
Target
Target is back again with another round of price cuts. This time, the retailer said price tags on more than 2,000 items are on the chopping block, including holiday foods and drinks, toys, household essentials, beauty products and other household items.
“We know families are looking forward to the holidays, so Target is committed to helping them find joy without compromise—by offering great products across our lineup at even lower prices,” said Rick Gomez, executive vice president and chief commercial officer of Target. statement on Tuesday.
Target conducted a major wave of price cuts earlier this year, initially announcing 5,000 items but then expanding to about 8,000 items, the company said. And in February, the company debuted its Dealworthy private label, which includes a variety of home products, mostly priced under $10.
This new round of price cuts will result in an overall reduction of more than 10,000 products in 2024, the company said. These reduced base prices are in addition to the store’s typical holiday sales and offers.
Walmart
Like Aldi, Walmart is slashing prices on items associated with the traditional Thanksgiving dinner. The retail giant says its inflation-free Thanksgiving dinner, featuring 29 items ranging from turkey to pecan pie, can serve eight people this year for about $56.
Walmart-owned Sam’s Club, a members-only wholesale retailer, is offering a similar Thanksgiving meal, serving 10 people for under $100.
Following in Target’s footsteps, Walmart cut prices on 7,200 items across a variety of categories in August. In April, the company also launched a new private budget brand called Bettergoods, with most products priced around $5.
CEO Doug McMillon recently signaled that further price cuts may be possible.
“We’re willing to help lower prices,” he said in August during its second-quarter earnings call. “And we will continue to work on increasing the number of kickbacks to help customers and members save money.”
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