Thanksgiving 2022 Insights

The Lempert Report
November 24, 2022

Phil: According to the Bureau of Labor Statistics, the cost of the 2022 Thanksgiving market basket, now that's Turkey stuffing sweet potatoes, rolls and butter peas, cranberries, vegetable tray, pumpkin pie, and whipped cream is costing 14.9% more than it did last year. Now that's on top of the 14%. That was higher last year over the year 2020. So today it's about a third more. The cost of Turkey, according to the U S D A economic research service is up 23% over last year to around a buck 64 a pound. 

Phil: In comparison, last year it was just a dollar $15 a pound. Now, there are two basic reasons for the increase. First, avian flu, which has killed more than 49 million birds this year, according to the Centers for Disease Control and Prevention, the second labor shortage in poultry processing facilities. Now combined, this resulted in a loss of about 10% of Turkey production. But there is some good news. U S D A just reported that the amount of frozen turkeys increased by 2% and some retailers are rolling back prices more on that coming up. Everything else is also more expensive. This Thanksgiving butter up 25.8%. Chicken 17.2%, eggs up 32.5% flour, 17.1 fruits and vegetables up 7.1, and pork is up 6.1%. I guess what that means is we're gonna see a lot more ham than Turkey this year, and potatoes get this up 35%. So here's my recommendation. 

Phil: Use sweet potatoes. They're cheaper and they have not been affected by the shortage. Now the shortage of potatoes is for two reasons, weather conditions, and that many potato farmers have switched to growing wheat and grain crops, which have a stronger demand, and they can make more money on those cranberry sauce. 2022 prices up 22% over last year. However, there will not be a shortage after all. On Friday, BLS sent over a chart that showed the average time spent over the holidays through 2021. On Thanksgiving, we spend on average 91 minutes eating and drinking and a whopping 126 minutes making the food and cleaning up. Now we know why so many of us would rather go to a family member or friend, or even to a restaurant. Now, we also just found out about a brand new product. This is Spams Figgy Pudding, no joke. So, it's being sold, and 

Phil: But wait, wait, already sold out. So two 12 ounce cans or 10 bucks might ask what a figgy pudding is. Well, it's a limited supply, obviously, and it, according to spam, brings a blend of warm spices and seasonal ingredients that will be the star in many Witcher Time recipe favorites, notes of cinnamon and nutmeg combined with fig and orange flavors. You'll taste true holiday comfort. They'll have you caroling all season long, but of course you can't buy it. So, much for the Carols. Spam, if you go to their website, they actually have a classic animation and song to introduce consumers to this holiday treat. It's also on YouTube. So from the makers of spam, I guess we can say. Thank you. Not sure.