Families hosting Thanksgiving dinner feel financial burden from inflation
foxbusiness.comGoya Foods CEO Robert Unanue discusses the impacts of inflation on this years spirits during the Thanksgiving holiday.
Stubborn inflation is weighing on American households as they plan for their Thanksgiving dinner, according to a new survey from LendingTree.
The survey found that about 60% of Americans are planning to host or are considering hosting Thanksgiving dinner this year, with an average of 11 guests and an expected average cost of $361 on food, beverages and decorations – a figure that rises to $469 for families with children under 18. About 34% of respondents considering hosting said this year’s Thanksgiving festivities will cause a financial strain.
«There’s no question that inflation is playing a role in people’s Thanksgiving plans,» LendingTree chief credit analyst Matt Schulz told FOX Business. «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.»
THANKSGIVING DINNER 2023: HERE’S HOW MUCH YOU’LL HAVE TO FORK OVER
Stubbornly high inflation is straining the budgets of those hosting Thanksgiving dinners. (John Moore/Getty Images / Getty Images)
About 60% of the survey’s respondents indicated that inflation is impacting their Thanksgiving plans or budget in some way – as 77% of potential hosts are shopping around or using coupons. About 22% of potential hosts have a strict budget, while 56% have a rough budget with some wiggle room, and 22% are not planning to curtail spending for Thanksgiving festivities.
«Everything today is more expensive than it was a year ago, so if you are expecting to have the amount that you budgeted for last Thanksgiving work this year, you may end
Read more on foxbusiness.com
