With inflation still weighing heavily on American wallets, many holiday hosts are changing their Thanksgiving celebrations this year. By all accounts, there will be a lot less stuffed turkeys towards the end of November.
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Just as many consumers have changed their shopping habits during the pandemic and throughout 2022 by skipping larger discretionary spending, skimping when going out and opting for cheaper shopping destinations like discount stores or wholesalers, Thanksgiving revelers are financially stressed about celebrating Thanksgiving this year and planning to cut and save where they can.
Persistently high inflation, rising consumer prices and job losses will keep people from spending money and celebrating Thanksgiving this year, according to a recent study by the wealth management gurus at Personal Capital. year. More than a quarter of Americans won’t be able to afford more than $100 over the holidays and one in five doubt they’ll be able to cover the costs associated with the Turkey Day festivities.
The survey noted that around this time last year, an IPSOS survey found that 9 out of 10 Americans intended to celebrate Thanksgiving, many of whom wanted to make the holiday special after a year and a half of life. pandemic. This year, data from Personal Capital indicates that one in four people plan to skip the holidays altogether.
Overall, 45% of respondents felt financially stressed about having to celebrate Thanksgiving this year. Across generations, 54% of people with anxiety were Gen Z, 51% Gen Y, 39% were baby boomers, and 33% Gen X.
The nature of Thanksgiving planning is changed by the pressure to spend but the inability to afford it. Sixty-eight percent of respondents said they plan to host Thanksgiving dinner this year, but 57 percent will keep their gatherings small.
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Additionally, 53% of hosts say they will cook fewer dishes, 52% will ask guests to help prepare dishes or bring items, and 42% will ask guests to help with holiday expenses (mostly food). alcohol -75% — and desserts — 46%).
Saving money is an important consideration for Thanksgiving, and many respondents plan to do it on the cheap. According to data from Personal Capital, 88% plan to cut at least one dish from their table. The least and most “guilty” dishes will not surprise anyone.
Turkey (36%), gravy (35%), mashed potato (31%), stuffing (31%) and sweet potatoes (29%) are the top five foods respondents would never cut out of their Thanksgiving dinner. Meanwhile, additional desserts, along with vegetables like Brussels sprouts, squash, creamed spinach, and carrots are the dishes people are most likely going to cut from their Turkey Day menu.
To save money this year, survey respondents said they would pay more attention to deals (38%), use coupons (36%), start shopping early (36%) and shop more comparisons (32%). Other Thanksgiving cost-cutting strategies include buying items in bulk (31%), ditching trips (28%) and buying a smaller turkey (28%).
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You know things are going badly when time-tested holiday traditions that never seem to change suddenly do so thanks to external economic factors. But whether you decide to cut back, spend less, or completely change your vacation routines, the important thing is to spend time and thank your loved ones.
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This article originally appeared on GOBankingRates.com: Thanksgiving takes its toll as a quarter of Americans can’t afford to spend more than $100 – How they’re cutting costs