thanksgiving dinner Materials will be more expensive this year compared with the previous, even as Food inflation calms downLuckily, there's an easy way to save money without skimping on main dishes for food-driven holidays: store brands.
Buying store-brand items versus national brand products is an old money-saving technique. And although there are instances where store-brand goods cost more than their name-brand counterparts, they can still save consumers money overall, new research from Wells Fargo shows. shows,
How much can I save on store brands?
“Food inflation has come down dramatically, but it's still not cheaper than it was a year ago, so that's a point of contention among consumers,” Dr. Michael Swanson, chief agricultural economist at Wells Fargo, told CBS MoneyWatch. ”
Still, grocery stores can undercut national brand prices by selling their own versions of products ranging from tissues to baked beans. The stores allege that their products are equally good, but because they do not market them, they can sell them at a relative discount.
Swanson said, “The whole premise is that the store brand represents a value to you. The store brand should carry the same quality, same product without any marketing.” “Brands explain why you should eat their food and not someone else's, while stores don't spend the money and are expected to pass the savings on to us consumers.”
This year, a store-brand Thanksgiving menu for 10 people, including turkey, stuffing, salad, cranberries, dinner rolls and pumpkin pie, will cost consumers $73. The same menu made up of name-brand products will cost $90 more this year, or $17 more, Wells Fargo reports.
The price tag of $73 is up 2.7% from last year.
Keep your eye on all the items – not just the turkey
Grocers run promotions on turkeys around Thanksgiving, given that it is a seasonal purchase – the two-week window before the Thanksgiving holiday is when grocers make the bulk of their overall turkey sales.
But buyer beware: Some retailers may lure you into the store with deals on turkeys, only to sell you other goods at higher prices.
“Retailers will offer discounts on turkey to get you to bring it to the store, so when you're there, you buy everything else,” Swanson said. “Make sure you don't just go for the turkey and pay attention to the prices of other things on the shopping list, which can add up to a lot of money.”
The price of store-brand stuffing mix is still high, but it's still an opportunity for savings. Name-brand stuffing increased by 9% compared to the same period last year, and store-brand stuffing increased by 3%.
Cranberries are most liked in this season. This is a category in which the name-brand product is priced lower than the store-brand alternative. A 12-ounce bag of name-brand fresh cranberries is down 3% compared to 2023, while the same-sized bag of store-brand cranberries is up 6%.