Thanksgiving Hosts Expect to Spend More in ’24

Thanksgiving hosts plan to spend an average of $431 on Thanksgiving food, drinks and decor — up a whopping 19% from last year, according to a new LendingTree survey of nearly 2050 U.S. consumers.

Here are some other key findings from the survey:

• Hosting a Thanksgiving meal tends to cost some more than others. Over half (56%) of Americans may host guests for Thanksgiving this year, with six-figure earners ($579), men ($496) and parents with young children ($493) expecting to spend the most on average.
• Bellies may be full of turkey and stuffing — but also with regret. Over a third (36%) of potential hosts admit the amount they plan to spend on Thanksgiving will be a financial strain, and 14% already regret their decision to host. Just over a third (34%) of potential hosts will use their credit cards to pay Thanksgiving costs.
• Inflation is leading some to change their Turkey Day plans. 60% of celebrators say inflation is impacting their Thanksgiving. Most commonly, 27% will change food choices, 26% will coupon more and 9% won’t host due to costs. Given the cost, 35% of potential hosts may reconsider opening up their homes next year

Indeed, higher prices are forcing people to make tough choices across the entire holiday, says LendingTree Chief Credit Analyst Matt Schulz.

“For some, it might be that they have to spend more of their time bargain hunting and coupon seeking,” Schulz says. “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.”

Click here for more from the survey.