How much it costs to host Thanksgiving in 2024
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 (56%) 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.
"Whenever you start spending more, there’s always going to be more risk," Matthew Schulz, chief credit analyst at LendingTree said in a statement. "That’s especially true when you’re spending almost 20% more than last year. Most people’s budgets are tight, leaving little financial wiggle room from month to month, so a 20% increase can be a big deal. That’s money that won’t be able to go to other financial goals, such as building an emergency fund or paying off high-interest debt."
Rising costs putting pressure on hosts
For those hosting Thanksgiving meals, the price of putting together a traditional spread is becoming harder to stomach. Six-figure earners report the highest average spending, at $579, followed by men ($496) and parents with young children ($493). However, even those with higher incomes are feeling the pinch, with many expressing concern over the mounting costs of food and decor.
FILE: Thanksgiving dinner (Photo by John Moore/Getty Images)
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.
Inflation Forces Changes to Traditions
A significant 60% of respondents said that inflation is impacting their holiday celebrations. The most common cost-cutting measures include changing food choices (27%) and couponing more (26%) to offset rising prices. In fact, nearly 1 in 10 (9%) said they would forgo hosting Thanksgiving altogether due to the rising costs.
"For some, it might be that they have to spend more of their time bargain hunting and coupon seeking," Schulz continued. "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."
In addition, nearly 35% of potential hosts say they may rethink hosting again next year if prices continue to soar. These concerns are fueling a shift in Thanksgiving traditions, with some opting for simpler meals or smaller guest lists.
Guests expected to chip in
To offset expenses, 6 in 10 potential hosts expect their guests to offer money or an item to offset expenses, and 25% say they may reconsider an invitation next year if a guest arrives empty-handed.
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However, the majority (67%) of those attending a celebration elsewhere plan to contribute to the spread, most notably with side dishes (63%), desserts (32%) and alcohol (26%).