Thanksgiving Spending Soars: Americans Set to Celebrate with 19% More This Year!


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Thanksgiving

Thanksgiving on ⁤a​ Budget: How Inflation is​ Shaping Holiday Plans

As Thanksgiving passes,⁢ American ⁣families ‍are ⁣feeling the pinch of persistent inflation, which has surged by 19% compared to last year. ⁤A recent study from LendingTree highlights‌ how this economic⁢ pressure is influencing holiday celebrations, leaving many households scrambling to adjust their budgets.

The​ Cost of Celebration

According to LendingTree’s ‌findings, hosts ​are preparing to‍ spend an average of $431 on food, drinks, and decorations for their​ Thanksgiving gatherings. This figure breaks down into approximately $265 allocated for food and beverages and⁣ an additional $166 ‍ earmarked for festive decor. Interestingly, the number of guests expected‍ at these ‍gatherings remains steady at around​ 11—just like last​ year.

However, inflation isn’t ⁤just ​a ‌passing concern;⁣ it’s front⁣ and‌ center in the minds of many potential hosts. A significant 60% reported that rising prices have ⁣altered their holiday plans. Specifically, 27% indicated they‍ would modify their menu choices due to costs; another 26% plan to rely more heavily on coupons; while about 9% have‍ opted out ⁢of hosting altogether because they⁣ find it too expensive.

Matt Schulz, chief credit analyst at LendingTree, emphasized ‍the ongoing impact of inflation during a recent interview with FOX Business: “While price increases may not be as⁣ steep as in previous years, they⁤ remain ‌a significant hurdle for ​those planning Thanksgiving festivities.”

Financial Strain Among Hosts

The​ financial burden is palpable ⁣among prospective hosts this year. Over one-third (36%) expressed ​that their planned spending ‌would create financial strain. Alarmingly,‍ about ⁣14% regret deciding to host altogether—an indication that​ even traditional family gatherings are becoming​ less ‍feasible under current economic conditions.

To cope with these challenges, many hosts anticipate asking guests for assistance either through cash contributions or by bringing dishes or drinks along with them. Approximately 60% expect some form of help from attendees—a trend that⁢ could reshape how we view potluck-style dinners ⁢moving ‍forward.

Schulz pointed out ‌the social dynamics at play: “We’ve all been there when someone shows up empty-handed while everyone else contributes something,” he noted. “This survey suggests that such behavior doesn’t ⁤go unnoticed.”

Alternatives for Guests Who Can’t Contribute Financially

For those who might ⁣not be able⁣ to⁤ contribute financially or bring food items but still want to pitch in during Thanksgiving celebrations?‍ There are plenty of ways you can ⁤help without breaking the bank! Schulz suggests volunteering your time—arriving early can make a⁢ world of difference when‍ it comes time for setup or ‌cooking duties.

“Offering your assistance with tasks like decorating or ⁣even picking up relatives from the airport can show your support without costing you ⁢anything,” he explained.

Smart Spending Strategies

As families⁤ navigate these challenging times filled with rising costs and tight budgets this holiday season—and beyond—it’s crucial not only to shop smart but also utilize credit cards wisely if needed.⁤ Schulz recommends looking into cards offering substantial rewards tailored specifically​ toward travel expenses ⁢if you’re planning on ​hitting the road this season.

“If you’re traveling​ over Thanksgiving weekend,” he said enthusiastically,“a rewards card providing discounts on airfare or hotel stays could significantly ease ⁣your financial⁤ burden.”

Moreover, some credit cards offer impressive cashback options exceeding typical rates found elsewhere—making ‌it ‌worthwhile for consumers⁣ to consider which card they use when making purchases related directly tied⁣ into holiday spending ⁣plans!

Conclusion: ‌Navigating Inflation⁣ This Holiday​ Season

In‍ summary?⁤ While high inflation continues affecting household​ budgets⁤ across America—the spirit behind gathering together remains strong! By being mindful about spending habits while encouraging guest ‌participation through various means—we can ⁤all enjoy what truly matters most during this‌ cherished time spent amongst family & friends!

The post Thanksgiving Spending Soars: Americans Set to Celebrate with 19% More This Year! appeared first on Red State Finance .


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Carol William