Inflation and rising food costs are prompting some hosts to alter their plans, cut back on certain expenses or even reconsider hosting next year, according to a new survey.
A new survey reveals that Thanksgiving, the season of gratitude and feasts, is set to strain many Americans’ wallets this year. The survey by LendingTree polled more than 2,000 U.S. consumers to highlight how inflation is reshaping the way people plan for Turkey Day. According to the data, nearly two-thirds of U.S. consumers plan to host Thanksgiving gatherings in 2024, with the average cost for food, drinks, and decor climbing to $431 – a 19% increase from last year.
However, 36% of would-be hosts admitted that the expense of hosting will create a financial strain, and 14% already regret committing to the costs associated with the holiday. To pay for Thanksgiving costs, 34% of potential hosts will use their credit cards.A significant 60% of respondents said that inflation is impacting their holiday celebrations. The most common cost-cutting measures include changing food choices and couponing more to offset rising prices.
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