Americans hosting Thanksgiving to spend 19% more than last year: report

foxbusiness.com:

Stew Leonards CEO Stew Leonard Jr. joins ‘Cavuto: Coast to Coast’ to discuss the retail earnings report and its mixed reading for average consumers.

Stubbornly high inflation is continuing to strain the budgets of American households this Thanksgiving, as a new report by LendingTree finds that the costs are up 19% from a year ago.

LendingTree's survey found that on average, Thanksgiving dinner hosts plan to spend $431 on food, drinks and decor for the celebration. That includes an average of $265 for food and drinks, plus an additional $166 on Thanksgiving decor for the festivities. Those Thanksgiving hosts expect an average of 11 guests to attend the holiday party, the same number as last year.

Inflation was on the minds of 60% of respondents, who said it has impacted their plans for celebrating the holiday – with 27% saying they'll change food choices, 26% turning to coupons more and 9% declining to host due to costs. Over one-third, 35%, said they may reconsider opening their homes next year because of the cost.

«What we found is that inflation is still having a really big impact on peoples' budgets when it comes to their Thanksgiving plans,» LendingTree chief credit analyst Matt Schulz told FOX Business in an interview about the 19% increase from a year ago. «Prices aren't rising as much as they have in the last couple of years, but it's still around and it's clearly still an issue that people are wrestling with this Thanksgiving.»

GOBBLE UP SAVINGS: SMART TIPS TO CUT COSTS THIS THANKSGIVING

Thanksgiving hosts are planning to spending 19% more than they did a year ago to host guests for a dinner party, LendingTree found. (John Moore/Getty Images / Getty Images)

More than one-third (36%) of potential hosts said