Consumer Behavior

Inflation impacting Thanksgiving holiday plans, spend

Photo by istock.com

November 21, 2022

Just 26% of Americans will be hosting Thanksgiving this year, the lowest point in four years. It reflects a 45% dip from 2021 and a 37% drop from 2020.

More than half of Americans, 56%, say inflation is impacting the Thanksgiving plan and/or budget and they are searching for discounts and deals, according to a Lending Tree report.

The average spend on Thanksgiving will be $396 but increases to $527 among six-figure earners and $498 among Gen Z hosts, according to a press release on the findings.

"It's not just the turkey, the decorations or the gas to drive to see your parents," Lending Tree Chief Credit Analyst Matt Schulz said in the release. "It's all of it. That makes for a really big challenge for the average family who is already having to work harder to make ends meet because of rampant inflation."