Title: Stubborn Inflation Puts a Strain on Americans’ Thanksgiving Plans, Survey Shows
Subtitle: LendingTree survey reveals rising costs impacting holiday budgets and spurring savvier spending strategies
In a recent survey conducted by LendingTree, it was found that stubborn inflation is significantly affecting Americans’ plans for Thanksgiving dinner. With the holiday just around the corner, approximately 60% of Americans are considering hosting a Thanksgiving dinner or have already committed to doing so. However, the survey also highlighted the financial strain that rising costs are causing for many households.
The survey found that the average Thanksgiving host is expecting around 11 guests and is planning to spend an average of $361 on food, beverages, and decorations. For families with children under the age of 18, this average cost rises to $469, putting additional pressure on their budgets. A staggering 34% of respondents considering hosting revealed that this financial burden is causing them significant concern.
Commenting on the survey results, LendingTree’s chief credit analyst, Matt Schulz, emphasized the role inflation is playing in people’s Thanksgiving plans. Many households are already operating on tight budgets, leaving little room for additional expenses. Schulz advised individuals to shop around for the best deals, utilize coupons, and make the most of credit card rewards to stretch their budgets as far as possible.
The survey revealed that 60% of respondents are feeling the impact of inflation on their Thanksgiving plans and budgets. As a result, 77% of potential hosts have been actively searching for discounted prices or using coupons to save money. Schulz further advised hosts to consider asking their guests to contribute financially or bring a dish to share, ultimately lessening the burden on the host’s budget.
Interestingly, the survey found that 22% of potential hosts have set a strict budget, while 56% have allowed for some flexibility. Shockingly, around 22% of hosts stated they were not planning to curb their spending for the Thanksgiving festivities.
Schulz also emphasized the importance of guests being mindful of their hosts’ financial concerns. According to the survey, 20% of potential hosts admitted they would consider not inviting a guest next year if they showed up empty-handed. This serves as a clear reminder for guests to contribute in some way, whether it be bringing a side dish or offering financial assistance.
To alleviate some of the financial burden, Schulz suggested potential hosts take advantage of post-Thanksgiving sales to stock up on holiday items for next year. By purchasing Thanksgiving decorations and merchandise at the end of November, individuals can save a significant amount of money, ensuring a smoother financial experience for future celebrations.
In conclusion, the rising costs associated with Thanksgiving dinner are impacting American households as they carefully plan their budgets. Despite these challenges, there are numerous strategies available, such as budgeting, shopping wisely, and seeking financial contributions from guests, to help ensure a successful and enjoyable holiday gathering.
“Travel aficionado. Incurable bacon specialist. Tv evangelist. Wannabe internet enthusiast. Typical creator.”