Thanksgiving costs to increase nearly 20%, according to report
Thanksgiving dinner will be noticeably more expensive for holiday hosts this year.
According to a new survey from LendingTree, potential Thanksgiving hosts plan to spend an average of $431 on Thanksgiving food, drinks and decor, an increase of 19% from last year. Potential hosts will spend an average of $265 on food and drinks and $166 on decor.
LendingTree says that six-figure earners plan to spend $579 on average this year — the highest by demographic, followed by men ($496) and parents with young children ($493).
Six-in-10 celebrators say inflation is impacting their Thanksgiving. To try and combat the rising costs, 27% will change food choices, 26% will coupon more and 9% won’t host due to costs. Given the increased cost compared to last year, 35% of potential Thanksgiving hosts may reconsider opening up their homes next year.
More than a third (36%) of respondents admitted that hosting Thanksgiving is a financial strain, which may put some in debt. Some survey respondents (14%) already regret their decision to host.
[READ MORE: Here’s how consumers will reduce their holiday spending]
Six-in-10 potential hosts expect their guests to offer money or an item to offset expenses, and a quarter (25%) say they may reconsider an invitation next year if a guest arrives empty-handed. However, the majority of those attending a celebration elsewhere plan to contribute to the spread, most notably with side dishes (63%) and desserts (32%).
About a third (34%) of potential hosts will use their credit cards to pay Thanksgiving costs, while 13% will use buy now, pay later programs. To help offset celebration costs, 30% of potential hosts will shop around for items, while 22% will use coupons. A third (33%) say they will do both.
“For some, it might be that they have to spend more of their time bargain hunting and coupon seeking,” said Matt Schulz, LendingTree’s chief credit analyst. “For others, it might mean they can’t afford to do things they love, like hosting a big family Thanksgiving. These are things that people across the country have had no choice but to wrestle with over the years.”
LendingTree commissioned QuestionPro to conduct an online survey of 2,049 U.S. consumers ages 18 to 78 from Oct. 1-3, 2024. The full results can be found here.
