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This year, Black Friday put many shoppers in the red.
Last week, the Federal Reserve released the November 2025 'Beige Book’ which gives an up-to-date look at the economy — including jobs, consumer spending, and inflation — across all 12 Federal Reserve Districts.
“Unfortunately, we find that 65% of Americans are stressed about affording Thanksgiving this year. That stretches across party lines. We find that it’s 72% for Democrats and 59% for Republicans.”
The Century Foundation, a progressive think tank, found that the cost of Thanksgiving dinner increased by nearly 10 percent compared to last year.
The European Central Bank, the Organisation for Economic Co-operation and Development, the European Commission, and the International Monetary Fund all published studies on profits driving inflation, while the Groundwork Collaborative and the Economic Policy Institute found that over 53 percent of price increases from 2020 to 2022 were driven by profit gains.
New analysis from Groundwork Collaborative, The Century Foundation, and AFT found that another Thanksgiving staple, cranberry sauce, is up by 22 percent from this time last year.
A competing report from Groundwork Collaborative, a left-leaning economic advocacy group, highlighted rising prices for side dishes such as cranberry sauce and vegetables.
“We find that the typical Thanksgiving meal will run people about 10% more this year,” said Elizabeth Pancotti, managing director of policy and advocacy the economic thinktank Groundwork Collaborative.
The data highlight three key economic facts about the current moment: The post-pandemic fiscal response succeeded in spurring a rapid recovery, the stalling labor market is exacerbating inequality, and perhaps most urgently, a recession looks increasingly likely on the horizon.
But a different analysis of Thanksgiving prices conducted by Groundwork Collaborative, the Century Foundation and the American Federation of Teachers found that Thanksgiving food prices will be nearly 10% higher across the board this year, particularly if shoppers stick with name-brand items.