Personal Finance: The economics of Thanksgiving food, football, travel, shopping

Fast fact

The normal Thanksgiving dish for 10 people cost $49.87 this year, down $50.11 final year, according to a consult from a American Farm Bureau Federation. That guess is for a Thanksgiving dish portion 10 people, with a menu including turkey, stuffing, honeyed potatoes, rolls, peas, cranberries, a veggie tray, pumpkin cake with churned cream and coffee with milk.

Christopher Hopkins

Christopher Hopkins

Photo by
Contributed Photo
/Times Free Press.

The singly American holiday we call Thanksgiving is a time during that we simulate on a blessings and share with friends and family. It is also honestly American in a blurb impact on a economy. Here are a few fun contribution about Thanksgiving economics.

Dinner will be cheaper this year. In fact, according to a American Farm Bureau Federation, a classical turkey cooking with all a trappings will cost reduction after acceleration than during any time given 2010 and roughly equal to 1986. Thanks to declines in poultry, egg and dairy prices, a standard home-cooked Turkey Day feast will run a small reduction than $5 per chairman this season. This is quite considerable given a drop of 7 million birds final year due to a avian influenza infestation. The decrease in grocery store prices has not left unnoticed, as families have selected to ready some-more dishes during home and condescend their favorite restaurants less.

Travel costs will be adult somewhat over 2015, though that won’t keep us off a road. An annual foresee by AAA predicts that 48.7 million of us will try some-more than 50 miles from home this Thanksgiving, an boost of about 1 million over final year.

Most of those miles will be lonesome by car, and with gas prices still nearby 10-year lows, some-more families are formulation a expostulate to revisit kin for a holiday. The 3.7 million approaching atmosphere travelers will face a somewhat some-more severe picture, with airfares and associated fees slated to arise 21 percent over 2015. But hotel room costs will sojourn sincerely constant, and let automobile rates are likely to decrease 13 percent from final year. And many intensity travelers are feeling some-more confident about a ubiquitous economy and are therefore peaceful to boost their outlays for Thanksgiving travel.

Of course, no quintessentially American holiday would be finish though a sell component. For many years, “Black Friday” promotion blanketed Thanksgiving Week media, interesting understanding hunters to try out during a moment of dawn. Gradually, a starting line shifted back into Thanksgiving dusk itself. But this year, some-more than in new memory, will underline internet deals and in-store promotions commencement in early Nov and carrying by Christmas Day. Black Friday is scarcely dual months long.

The National Retail Federation anticipates that scarcely 138 million Americans will discount hunt online or in chairman during a prolonged Thanksgiving weekend. But a classification also recognizes that shoppers are increasingly perfectionist a same values via a whole Holiday deteriorate and retailers are adjusting accordingly. And in an ongoing demographic shift, Millennials will strike a malls on Thanksgiving Day in larger numbers than any other age cohort, in partial to find a understanding though also to extract in a experience.

And of course, football will underline prominently in a festivities. The NFL schedules 3 games any year on Thanksgiving Day, though one team, a Detroit Lions, have been featured any year given 1934. In a typically American blurb gambit, a owners of a Lions scheduled a diversion on a holiday as a promotional gimmick, and done certain to promote a diversion over his 96 radio stations. Henceforth, a durability tradition was born, contributing millions of dollars in mercantile impact any year and sketch over 25 million viewers for any of a 3 Thanksgiving broadcasts.

We have many for that to be thankful, not slightest of that is a prolific talent of giveaway craving that has done us a many moneyed republic on earth. So suffer your feast, protected travels and Happy Thanksgiving.

Christopher A. Hopkins, CFA, is a clamp boss and portfolio manager for Barnett Co. in Chattanooga.

Categories Economics