Over half of Americans — 56% — say they plan to host guests for Thanksgiving this year. With costs rising 19% from last year, consumers are feeling the pinch.
What To Know: The cost of hosting Thanksgiving dinner in 2024 is up 19% from last year with an average of $431 spent on food, drink and decor for the event, according to a survey from LendingTree, Inc. TREE.
"Whenever you start spending more, there's always going to be more risk. That's especially true when you're spending almost 20% more than last year," said Matt Schulz, LendingTree chief credit analyst.
"Most people's budgets are tight, leaving little financial wiggle room from month to month, so a 20% increase can be a big deal," Schulz added.
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Survey respondents said they expect to spend an average of $265 on food and drinks and $166 on decor for an average of 11 guests at their table for the holiday this year. Most hosts — 60% — expect their guests to pitch in with either money or an item to offset expenses with 25% saying they may reconsider sending an invitation next year to a guest that arrives empty-handed.
More than a third — 36% — of potential hosts say the amount they will spend on Thanksgiving will be a financial strain with 34% of potential hosts planning to use credit cards for Thanksgiving costs. Strikingly, 14% of hosts already regret their decision to do so.
Sales and Promos: According to the survey, 30% of potential hosts will shop around, while 22% will use coupons and 33% will do both to help to offset costs. Retailers are trying to ease the financial strain by offering special Thanksgiving promotions and sales events.
Walmart, Inc. WMT is promoting its Inflation-Free Thanksgiving Meal for 2024, which the company says allows customers to prepare the holiday meal for under $7 per person. The total cost for the meal to serve eight people is just over $53 and includes turkey, stuffing, gravy, cranberry sauce and dessert.
Albertsons Companies, Inc. ACI is offering a Thanksgiving promotion for a free 16- to 20-pound turkey when customers spend $150 or more on groceries in a single transaction. Target Corp. TGT has brought back its Thanksgiving meal deal, priced at $20, for four people. In addition to the meal, Target is offering frozen turkeys at 79 cents per pound, a 20% reduction from last year.
"It's such old and cliched advice, but it's true," Schulz says. "Taking the time to comparison shop can save you significant money at the holidays or any other time of year."
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