This Thanksgiving Fill Your Plate & Your Wallet
Cost savings are adding up this Thanksgiving, according to CBRE researchers. If you’re driving over the hill and through the woods to Grandma’s, you’ll save at the pump with gas prices 30% lower than last year. The average gas price in Texas is $1.96/gallon, down from the 2015 peak in June of $2.57/gallon. Flying is more affordable, too. The average price of Thanksgiving round-trip airfare dropped 9% to $369, according to a study by Orbitz.com. Among the top 10 travel destinations, Texas has the best deals across the nation with airfare down by 11% and hotel rates shaved 13% (just in case it’s a bit too crowded at the in-laws).
The side dishes for your family feast may be lower as cheaper fuel costs are lowering shipping expenses of fresh produce and prepared food. But, that 15-pound turkey may cost you more, as supply issues caused the price of turkey to rise 20%, causing your bird to cost $1.31 to $1.37/pound. In Texas, however, a frozen turkey might be a little cheaper at $1.22/pound. Because consumers will have a few extra bucks in their pockets, retailers expect a slight increase in Black Friday (up 2.4%) and Cyber Monday sales (up 2.9%), according to the BDO Retail Compass Survey. An estimated 59% of American shoppers will venture out to brick-and-mortar stores for their gifts throughout the weekend, says ICSC. The ingredients for this forecast recipe include higher employment rates, gains in real disposable income, stronger consumer confidence and improving optimism about the economy’s future.
