This Thanksgiving might end up costing you more than just a hug and awkward conversation with that one relative, as the price of groceries is making it harder to put the traditional turkey dinner on the table.
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According to a recent report from LendingTree, the cost to host a Thanksgiving dinner has shot up 19% when compared to just a year ago, and 36% of hosts say that throwing together a Thanksgiving dinner is a financial strain.
While 20% may not seem like a major increase for just one meal, LendingTree analyst Matt Schulz shared that it can have a massive impact on some people’s budgets.
“Whenever you start spending more, there’s always going to be more risk,” he said. “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.”
Despite the rising prices, the survey found that 56% of Americans plan on hosting Turkey Day dinner in some capacity. Another 10% said they are scraping their plans to host due to rising costs.
According to Schulz, inflation has had a major impact on how Americans plan for Thanksgiving and the holidays in general. He said that, on average, they are pricing the cost to host a Thanksgiving meal at $431.
Still, the LendingTree report found that some are trying different ways to make Thanksgiving dinner more affordable.
According to the report, 60% of hosts are expecting their guests to offer money or an item to offset expenses as more people turn to potluck-style dinners. If guests don’t bring something, hosts shared they would most likely not receive an invite next year.
With rising prices, Americans have been forced to think outside the box when it comes to holiday meals, and Schulz said they are looking for deals everywhere they can.
“For some, it might be that they have to spend more of their time bargain hunting and coupon seeking,” Schulz said. “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.”
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