Thanksgiving is usually a time for big family celebrations and plenty of food, but a new survey finds that the struggling US economy is forcing many Americans to cut back on spending this year — or not celebrate the holiday.
According to a survey conducted by a digital asset management company personal individualOne in four Americans say they skip Thanksgiving altogether to save money. One in three organize smaller dinners and 88% cut at least one dish from their table to make ends meet.
In 2021, an IPSOS poll found that nine out of 10 Americans planned to celebrate Thanksgiving. This year, a new survey of 1,000 people found that number had dropped to just 74%. In fact, 47% said they celebrate a “friend-giving,” i.e., a simple dinner with friends, given the cheaper menu. Notably, only 24% of Friendsgiving celebrations include turkey, while 33% opt for pizza!
Inflation and job insecurity spoil the Thanksgiving holiday
With many Americans grappling with rising prices at the grocery store, 52% of guests ask to bring a dish for Thanksgiving dinner. Three out of four ask guests to bring their own alcoholic beverages, while just under half (46%) of diners ask for dessert. Another 42% go so far as to ask friends and relatives to help pay for the meal.
Nearly six in 10 (57%) admit that the Thanksgiving guest list is much smaller this year, and 53% cook fewer dishes. For the biggest cuts, Gen Z respondents were most likely to say they’d do all four to cover Thanksgiving costs in 2022.
For those who have lost their jobs in the past year, the holidays can be even more challenging. The survey found that fewer Americans lost their jobs (71%) than those who kept working (78%). However, those who have lost their jobs are more likely to attend friends (55%) than working Americans (38%).
Overall, 45% of the nation’s population feels financially stressed by Thanksgiving 2022. Gen X Americans are the least stressed (33%), Gen Z feel the most stressed (54%).
Your Thanksgiving budget may be tighter than ever
In terms of dollars and cents, one in five Americans doubt they have enough money to buy the traditional Thanksgiving meal this year. While 52% say they spend the same amount on holiday groceries, 33% cut back on the budget.
In fact, 28% said they had less than $100 on hand for Thanksgiving groceries. Nearly six in 10 (57%) plan to spend between $100 and $200 on a family reunion. Only 15% of Americans set aside more than $200 for the holidays.
Although Generation X Americans feel the least stress this holiday season, 40% say they plan to spend less than $100 on Thanksgiving dinner. Maybe they just know the best ways to save while shopping on a budget.
Respondents say the best things to do to save money are to pay attention to offers (38%), use coupons (36%) and start buying holiday components early (36%). When it comes to items no Thanksgiving dinner is complete without, turkey tops the list (36%), followed by gravy (35%), mashed potatoes (31%), stuffing (31%) and sweet potatoes (29%). .
Eventually, even in America, inflation actually shrinks family income and spending, even on the most traditional holidays. Who knows what will happen in Italy with Christmas!!
Communicator. Reader. Hipster-friendly introvert. General zombie specialist. Tv trailblazer