Americans who host Thanksgiving will spend 19% more than last year: report
Stew Leonards CEO Stew Leonard Jr. joins ‘Cavuto: Coast to Coast’ to discuss the retail earnings report and its mixed reading for average consumers.
By force high inflation continues to wreak havoc on American household budgets this Thanksgiving, the latest LendingTree report finds that spending is up 19% from last year.
LendingTree research found that on average, Thanksgiving dinner the hosts plan to spend $431 on food, drinks and decorations for the celebration. That includes an average of $265 in food and drinks, and an additional $166 in festive Thanksgiving decorations. Those Thanksgiving hosts are expecting an average of 11 guests to attend the holiday party, the same number as last year.
Inflation was on the minds of 60% of respondents, who said it had an impact on their plans to celebrate the holiday – 27% said they would change their food choices, 26% turned to coupons more and 9% refused to host because of the cost. More than a third, 35%, said they might reconsider opening their homes next year because of the cost.
Thanksgiving hosts plan to spend 19% more than they did last year to treat party guests, LendingTree found. (John Moore / Getty Images / Getty Images)
“What we’ve found is that inflation still has a huge impact on people’s budgets when it comes to their Thanksgiving plans,” LendingTree senior credit analyst Matt Schulz told FOX Business in an interview about the 19% increase from last year. “The prices aren’t going up as much as they have in the last couple of years, but they’re still there and obviously it’s still a problem for people to mess around with this Thanksgiving.”
A turkey is cooked in a roasting pan with a meat thermometer during preparation for the American Thanksgiving holiday meal, in San Ramon, California, November 23, 2019. (Photo by Smith Collection/Gado/Getty Images) (Collection of Smith/Gado/Getty Images / Getty Images)
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More than one-third (36%) of potential hosts said the money they plan to spend on Thanksgiving will cause financial hardship, while 14% said they regretted their decision to host and 34% said they would spend credit cards to pay the cost of thanks.
With inflationary pressure household budgetthere is an expectation that the guests will help shoulder another burden by paying cash or bringing something to donate to the feast. About 6 in 10 potential Thanksgiving hosts say they expect guests to help cut costs that way — and 25% say they might consider extending the invitation next year if a guest comes up empty-handed.
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More than one-third of Thanksgiving athletes said hosting the event would cause them financial hardship. (iStock / Stock)
“That’s a huge number, and we’ve all been to events where someone shows up with nothing and everyone else has something. We’ve all seen that person, nobody wants to be that person,” Schulz said. “This study shows that this kind of thing is often overlooked.”
“It’s really one of those things where it’s like, when in doubt, help,” Schulz said. “It’s something that when you’re young and you have a group of friends that maybe it’s the first time or something like that, you might not know better. But if you’re in doubt, if you can bring something, even if it’s a little thing, even if you spend a few bucks at the store when you go to a party – every little bit helps.”
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Most Thanksgiving dinner hosts expect guests to bring food or donate to cover the cost, the survey found. (Robert Nickelsberg / Getty Images / Getty Images)
For guests of the Thanksgiving program who may not have the means to contribute financially to cover some of the expenses or may not be able to bring foodSchulz said “helping doesn’t have to cost a lot of money” and there are other ways to give.
“You can volunteer to come in early to help with some of the bending work when setting up the event, cooking and decorating. You can volunteer pick people up at the airport if that’s a problem,” he explained. “There’s a lot of things you can do where you can come in with a little bit of sweat equity instead of some of your money, and be of great help.”
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| V | Company VISA INC. | 314.64 | +2.83 |
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| Ma | MASTERCARD INC. | 532.17 | +3.74 |
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| DFS | GET FINANCIAL SERVICES | 182.47 | -0.12 |
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| AXP | This company AMERICAN EXPRESS CO. | 304.32 | -1.28 |
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Schulz noted that one way shoppers can reduce their Thanksgiving spending is to not only shop around for the best price, but make sure they use the credit cards they use with the best rewards. or take advantage of travel benefits.
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“If you’re going to be traveling for Thanksgiving, a rewards card that might give you discounted airfare or a free hotel night can be really helpful,” says Schulz.
“There are cards out there that give you significant cash rewards that go beyond the 1.5% or 2% you can get and some cards that give you the same return on everything,” he added. “So taking the time to think about which card you use when you buy this can really help make a difference in your budget.”
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