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Home » Blogs » Think Tank » Why Thanksgiving 2021 Was the Most Expensive Yet

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Why Thanksgiving 2021 Was the Most Expensive Yet

December 20, 2021
Glenn Riggs and Andrew Whisler, SCB Contributors

In 2020, the average cost of Thanksgiving dinner for a family of 10 was $46.90 per person, an all-time low. Fast forward to 2021, and Thanksgiving was the most expensive on record, rising to an average of $53.32, due to nearly every ingredient costing more (and assuming that consumers could even obtain specific items).

Why is this happening? Reasons include supply chain disruptions, higher transportation costs, labor shortages and inflation. Let’s take a look at how consumers and supply chain professionals can work to navigate through the rest of the holiday season and into the new year amid the ongoing supply chain meltdown.

During the past year, many stores shifted their business strategies from an emphasis on brick-and-mortar sales to e-commerce platforms. Their newfound online presence created an increase in demand on the supply side for items to be distributed directly to the consumer’s doorstep instead of the retailer’s site. This caused an influx in transportation capacity, lack of availability for many products, and difficulties in importing goods. In fact, ocean freight rates have increased by more than 460% in the last 12 months, causing brands to pass along the cost to consumers. This helps to explain why this year’s Thanksgiving dinner was so expensive, and ingredients harder to come by.

With supply chain shortages impacting every aspect of today’s economy, it’s no surprise they have also contributed to the stress of this year’s holiday season. This tension within the supply chain has brought about change in the industry, including investments by shippers in advanced cloud-based technologies that use real-time data to make informed and timely decisions. In the event, shippers can capitalize on insights into carrier capacity, providing for a smoother and more cost-effective shipment process.

Technology is helping to improve efficiencies in the supply chain management ecosystem. Through implementing a centralized database with immediate visibility to data, transportation managers are better-equipped to confidently make spur-of-the-moment changes, regardless of ever-changing supply chain conditions.

For consumers, it’s important to plan ahead for any holiday season, and this year it became especially crucial to prepare early. Having all holiday presents and specialty food items accounted for in advance helps to combat the lead time for items to be delivered on schedule. It also means that planning and purchasing key ingredients in advance ensures that the refrigerator won’t be empty for celebratory meals. During these unprecedented times, it’s best to account for moderate shipping delays, and perhaps buy specialty items in bulk for future use during special events.

In addition to the year-end holidays, the supply chain crisis could continue well into 2022, thanks to impact events like the Super Bowl. The industry will continue to make strides toward combatting the logistical snowball effect, adopting techniques such as micro-fulfillment centers, network consolidation and the use of regional distribution centers, but there’s still a long way to go before all of the problems are solved.

Glenn Riggs is president at Centerboard, and Andrew Whisler is president at Virginia Diner.

Global Trade & Economics Supply Chains in Crisis E-Commerce/Omni-Channel Food & Beverage

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