Families hosting Thanksgiving dinner feel financial burden from inflation

Colorado family’s Thanksgiving dinners may look a little different this year due to the troubling impact of inflation on American households.

According to a new survey by LendingTree, 60% of Americans are planning to host or considering hosting a Thanksgiving dinner, but they are feeling the pinch of rising food costs.

On average, families are expecting to spend $361 on food, beverages and decorations for their Thanksgiving celebration, which jumps to $469 for those with children under 18.

However, with prices on the rise, 34% of potential hosts are feeling the financial strain that comes with hosting a large holiday gathering.

LendingTree’s chief credit analyst, Matt Schulz, acknowledged the impact of inflation on Thanksgiving plans, stating, "That shouldn’t be too surprising given how tight people’s budgets are, how many people are living paycheck to paycheck and how small the average person’s financial margin for error is."

The survey also revealed that 60% of respondents have been affected by inflation in some way, with 77% of potential hosts resorting to shopping around and using coupons to stretch their budgets. In addition, 22% of potential hosts have implemented strict budgets, while 56% allow themselves some flexibility and 22% are not planning to cut back on expenses for their Thanksgiving festivities.

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With hosts feeling the strain of inflation, it’s more important than previous years for guests to offer to contribute food, dessert, or beverages to the Thanksgiving dinner.

According to the survey, 20% of potential hosts will even consider not inviting a guest back if they show up empty-handed.

While preventing inflation altogether may not be within our control – until November 2024, being mindful of its impact and making small adjustments can help Colorado families enjoy a budget-friendly Thanksgiving celebration.