How much does it cost to host Thanksgiving in 2024?

A new survey finds that Thanksgiving, the season of gratitude and celebration, is expected to put a strain on many Americans’ wallets this year.

The survey by LendingTree polled more than 2,000 U.S. consumers to highlight how inflation is reshaping the way people plan for Turkey Day.

According to the data, nearly two-thirds of U.S. consumers (56%) plan to host Thanksgiving gatherings in 2024, with the average cost of food, drinks and decor climbing to $431, a 19% increase. compared to last year.

“Any time you start spending more, there will always be more risk,” Matthew Schulz, chief credit analyst at LendingTree, said in a statement. “This is especially true when you’re spending almost 20% more than last year. Most people’s budgets are tight, leaving little financial wiggle room from month to month, so a 20% increase can be a big deal. being able to achieve other financial goals, such as building an emergency fund or paying off high-interest debt.

Rising costs put pressure on hosts

For those hosting Thanksgiving meals, the price of making a traditional spread is becoming more and more difficult to bear. Six-figure earners report the highest average spending, at $579, followed by men ($496) and parents of young children ($493). However, even those with higher incomes are feeling the effects, with many expressing concern over the rising costs of food and decor.

However, 36% of potential hosts admit that accommodation expenses will create financial strain, and 14% already regret committing to the costs associated with vacationing. To pay for Thanksgiving expenses, 34% of potential hosts will use their credit card.

Inflation forces changes to traditions

Nearly 60% of respondents said inflation was impacting their holiday celebrations. The most common cost-cutting measures include changing food choices (27%) and increasing the number of coupons (26%) to offset rising prices. In fact, nearly one in ten (9%) said they would forgo hosting Thanksgiving altogether due to rising costs.

“For some, they may need to spend more time bargain hunting and coupon hunting,” Schulz continued. “For others, it might mean they can’t afford to do things they love, like having a big family Thanksgiving. These are things people across the country have no problem with. had no choice but to struggle over the years.”

Additionally, nearly 35% of potential hosts say they might rethink hosting next year if prices continue to skyrocket. These concerns are fueling a shift in Thanksgiving traditions, with some opting for simpler meals or smaller guest lists.

Guests should contribute

To offset their expenses, 6 in 10 potential hosts expect their guests to offer money or an item to offset their expenses, and 25% say they might reconsider an invitation next year if a guest arrives empty-handed.

RELATED: Most Popular Thanksgiving Sides in Every State Revealed

However, the majority (67%) of those attending a celebration elsewhere plan to help spread the spread, including sides (63%), desserts (32%) and alcohol (26%).