Inflation’s Impact on Thanksgiving: How Celebrations are Being Transformed

This Thanksgiving, 44% of American hosts are worried about rising food costs, forcing them to rethink holiday gatherings.

At a Glance

  • 44% of Americans hosting Thanksgiving are concerned about costs due to inflation in the Biden-Harris era.
  • Rising costs have led 30% of hosts to reduce their guest lists.
  • Thanksgiving dinner costs have increased by 24% since before President Biden took office.
  • A dinner for 10 with traditional dishes now averages $58.05, up from $46.90 in 2020.

Economic Pressures on Thanksgiving Celebrations

Inflation has become a significant concern for American families during the holiday season. A recent survey indicates that 44% of those planning Thanksgiving gatherings are apprehensive about mounting expenses. This economic strain has forced them to reconsider traditional festivities, including reducing guest lists by 30%. The price escalation of essentials like turkey, vegetables, and desserts compels families to alter their celebrations substantially, affecting longstanding Thanksgiving customs.

The burden is heavier on households with lower incomes. Over half of those earning less than $50,000 said they feared skyrocketing costs, with 41% opting to invite fewer attendees. Similarly, those earning between $50,000 and $99,000 report 50% concern, resulting in 34% reducing their guest lists. Conversely, 36% of individuals with incomes exceeding $100,000 face similar anxieties, albeit to a lesser extent, prompting 24% to limit invitations.

Impacts on Different Demographics

Notably, Gen Z hosts exhibit heightened concern, with 61% troubled by rising costs and 49% reducing guest participation. Many are adopting creative strategies to cope, such as sharing meal responsibilities with guests. Approximately 40% of hosts plan to request guests bring food, while 47% intend to ask for monetary contributions.

“While consumers are getting some much-needed relief after years of elevated retail prices, these grocery bills also reflect some hard conversations around the dinner table for farm and ranch families,” the American Farm Bureau stated.

Thanksgiving dinner prices have surged considerably, with a meal for ten rising by 24% to $58.05, compared to $46.90 in 2020. One significant contributor is the cost of a 16-pound turkey, which has jumped by 32% since 2020. Market pressures have yielded a 10% decline in Thanksgiving attendance, with 40% citing increased food costs as the primary deterrent. In response, the St. Louis Fed suggests considering low-cost alternatives like a soybean-based dinner.

Adjustments and Resilience Amidst Economic Strain

Amid these financial pressures, many families adapt by embracing economically viable solutions while striving to maintain a festive spirit. Discussions around reducing costs do not merely pertain to financial resources but also extend to the quality time families hope to save during this cherished holiday. Understandably, the current landscape poses unique challenges for Americans aiming to sustain historical Thanksgiving traditions.

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