US: Thanksgiving turkeys to cost $1B

By Ovunc Kutlu

NEW YORK

Americans are expected to spend over $1 billion on Thanksgiving turkeys on Thursday, according to data compiled by Anadolu Agency.

The average price of a 16-pound (7.25 kilograms) turkey costs $22.74 this year, according to non-profit organization American Farm Bureau Federation (AFBF).

Approximately 45 million turkeys are expected to sell for Thanksgiving this year in the U.S. based on retail figures, bringing the total projected spending to a little over $1 billion.

Around 275 million Americans, or 85 percent of the 324 million U.S. population, are anticipated to have turkey on the table on Thursday, according to AFBF.

The organization also estimates the average cost of this year's Thanksgiving feast for a table of 10 people at $49.87, which is a $.24 decrease from last year's average of $50.11.

This means that an average American can find a seat at a Thanksgiving table for less than $5.

"We have seen farm prices for many foods - including turkeys - fall from the higher levels of recent years," AFBF Director of Market Intelligence Dr. John Newton said in a statement.

"This translates into lower retail prices for a number of items as we prepare for Thanksgiving and confirms that U.S. consumers benefit from an abundant, high-quality and affordable food supply," he added.

Around 48 million Americans are expected to hit the road to be with their families or friends on Thanksgiving, one of the two family-oriented holidays on the yearly schedule, along with Christmas.

An average American is projected to cover at least 50 miles (80,5 kilometers) during Thanksgiving, according to the American Automobile Association.

Thursday is just the beginning of a Thanksgiving weekend, which extends to Black Friday when retailers offer promotional sales across the country, and includes Small Business Saturday to boost sales of small-sized business.

Thanksgiving weekend ends on Sunday, but is followed by Cyber Monday when more online companies offer discounts and promotions.

Around 137.4 million people are expected to shop this weekend, up from 135.8 million the same time last year, according to the National Retail Federation (NRF).

While estimates show 21 percent of American consumers shopping on Thanksgiving Day, a massive 74 percent are projected to shop on Black Friday.

This is followed by a 47 percent on Saturday, and 24 percent on Sunday, according to the NRF.

Cyber Monday shoppers are not factored into the 137.4 million Thanksgiving consumers, but 36 percent of American consumers say they will shop online this Monday.