Grocery prices across the US grew by 1.3 percent in 2024, so it's no surprise that this year's Thanksgiving dinner will likely be pricier than the last — but there are ways to save money while doing your food shop.

According to Wells Fargo's Agri-Food Institute, a store-brand menu for 10 people will cost $73 this year — that's up 2.7 percent from 2023, but still cheaper than the $90 you'd spend buying name-brand products.

Wells Fargo shopped around for its Thanksgiving menu for 10 — featuring turkey, stuffing, salad, cranberries, dinner rolls and pumpkin pie — to find out where savings can be made on the holiday's dinner table staples.

Read on to see how shopping for store brands and choosing your grocery chain wisely can help cut costs this Thanksgiving.

Dinner

Turkey

According to Wells Fargo, fresh turkey prices have changed very little since last year. The cost of name-brand turkeys has declined two percent since 2023, but store-brand remains the cheaper option — despite its prices increasing by five percent over the same period. Ultimately, there's only a couple of dollars' difference between name-brand and store-brand turkeys — but remember, how much you can expect to spend also depends on which state you live in.

Stuffing

This essential side dish is considerably pricier than it was a year ago; name-brand stuffing costs nine percent more than it did in 2023, while store-brand stuffing, the lower-priced option, is up three percent. It's up to you to decide whether it's worth spending a few extra bucks on one of Thanksgiving dinner's major players.

Salad

Both store-brand and name-brand salads are cheaper in 2024 — prices have fallen by one and two percent, respectively — but the store-brand ones cost roughly $3 less, Wells Fargo's report found. Salads aren't a holiday-specific item, so you can definitely get away with buying the most wallet-friendly option you can find.

Cranberries

Cranberries are the only Thanksgiving staple on the list that are more affordable when bought from a name brand. A 12-ounce bag of store-brand fresh cranberries is six percent pricier compared to last year, whereas the same size bag from a name brand is three percent cheaper.

Dinner rolls

Both name-brand and store-brand dinner roll prices have grown by three percent since 2023, but there are almost $4 of savings to be made from buying your two dozen dinner rolls from a store brand. However, Wells Fargo makes an important point: the difference in quality between the name-brand baked goods and the lower-priced ones can be stark — so saving a few dollars could well mean compromising on taste.

Pumpkin pie

Compared to a year ago, name-brand pumpkin pie prices are up one percent, while store-brand prices have grown by three percent. Wells Fargo did the math, and it turns out eight-inch pumpkin pies cost pretty much the same from both categories — meaning you might as well treat yourself to the upmarket option.

Beverages

Beer is 3.3 percent more expensive than it was this time last year, according to Bureau of Labor Statistics figures, while wine is 2.4 percent pricier. When it comes to soft drinks, 12-ounce cans are up 1.7 percent, but you'll get better value buying two-liter bottles, whose prices have dropped a considerable 10.8 percent since 2023.

The cheapest grocery stores for Thanksgiving

It won't surprise you to learn that how much you spend on Thanksgiving this year also depends on where you shop — but the team at FinanceBuzz have crunched the numbers and found the most affordable stores so you don't have to.

For Thanksgiving shoppers cooking a dinner for eight from scratch, Whole Foods is the priciest store ($76.92), while Aldi ($34.83) is the cheapest option.

If you're in the market for pre-made meals, on the other hand, Costco's offering carries the biggest price tag ($269.99 for eight to 10 people). Target's pre-made dinner for four costs the least of any grocery chain in the study, at just $20.

One last tip

As you've read, opting for store-brand items and cooking from scratch can help keep Thanksgiving costs down — but if you're really feeling the pinch this year, several chain stores have also announced affordable holiday meal deals to ensure that inflation doesn't get in the way of your celebrations.

[Image credit: Shamblen Studios]