Overview of Thanksgiving Spending in 2024
This Thanksgiving, American households are bracing against rising costs, as recent data from LendingTree indicates that the average hosting expenses have surged by 19% from last year. With inflation still a significant concern, hosts are expected to spend approximately $431 for their gatherings, which includes $265 for food and drinks, along with another $166 earmarked for decor.
Inflation's Toll on Thanksgiving Gatherings
As families prepare for the holidays, the impact of inflation has become a pressing issue. A survey revealed that 60% of prospective hosts are altering their traditional plans due to budget constraints. Specifically, 27% plan to modify their food choices, while 26% have reported turning to coupons to alleviate financial pressures. Alarmingly, 9% of respondents expressed they would decline hosting altogether because of the increased costs.
The Financial Strain on Hosts
Financial stress is evident, with 36% of potential hosts stating that hosting this year will impose a strain on their budgets. The situation is so tense that 14% expressed regret for deciding to host. Moreover, around 34% indicated they would resort to using credit cards to cover the Thanksgiving costs, which also raises concerns about managing future payments.
Guests Are Expected to Chip In
In light of these financial strains, the expectations placed on guests are shifting. An overwhelming 60% of hosts are looking towards their guests to help lighten the load, either by bringing a dish or contributing financially. Additionally, 25% of hosts have suggested that they might reconsider inviting guests if they arrive empty-handed, reflecting a growing sentiment that both hosting and attending a gathering come with shared responsibilities.
Alternative Ways to Contribute
For guests unable to carry the financial burden, there are numerous ways to pitch in beyond bringing food. LendingTree's Chief Credit Analyst, Matt Schulz, emphasized that assistance does not have to be monetary. From helping with setup and cooking to offering transportation for fellow guests, there are effective ways to show support that won't break the bank. Simple acts of cooperation can go a long way in fostering community and celebration.
Smart Spending Tips
Given the financial pressures, savvy consumers are encouraged to look for deals and optimize credit card usage. Many cards offer rewards points or cashback options that could significantly benefit plans for Thanksgiving spending. Schulz advises that travelers should ensure they're using the correct card to maximize savings on things like airfare or accommodations.
A Shift in Thanksgiving Traditions?
This year's inflation-driven realities invite a broader conversation about how holiday celebrations are evolving. As families adjust to the higher costs, we might see shifts in traditions, such as potlucks becoming more common as a strategy to share costs and maintain the spirit of togetherness. The 19% increase in spending serves as a stark reminder of the changing landscape of holiday festivities in America.
