EDITOR'S NOTE: Economic challenges are hitting American households to such an extent that many have decided to considerably pare down their holiday spending. According to the study below, 25% of US households can’t afford more than $100 for Thanksgiving celebrations. And with today’s food and gas prices, a hundred dollars won’t get you very far. Some households have decided not to celebrate at all, opting instead to save money by bypassing Thanksgiving celebrations altogether as the cost of goods has grown prohibitive. As inflation continues to ravage the economy and erode purchasing power, the Fed has no other choice than to tighten the monetary screws. The pipe dream of transitory inflation is long gone, and the aspirational myth of a “soft landing” has officially made its exit. As the economic storm clouds grow darker and colder, Santa Claus is likely to turn his sleigh around and give this holiday season a rain check.
SAN FRANCISCO — Thanksgiving is typically a time for big family celebrations and lots of food, but a new survey finds the struggling U.S. economy is forcing many Americans to cut back this year — or not celebrate at all!
In a poll, commissioned by digital wealth management company Personal Capital, one in four Americans say they’re actually skipping Thanksgiving altogether in order to save money. One in three are hosting smaller dinners and a staggering 88 percent are cutting at least one dish from their table in order to make ends meet.
In 2021, researchers note that an IPSOS survey found that nine in 10 Americans planned to celebrate Thanksgiving. This year, the new poll of 1,000 people found that number has fallen to just 74 percent. In fact, 47 percent say they’re celebrating “Friendsgiving” because of its more budget-friendly menu. Specifically, just 24 percent of Friendsgiving celebrations will even have a turkey on the table, with 33 percent opting for a pizza instead!
Inflation and job insecurity are raining on the Thanksgiving parade
With many Americans struggling with higher prices at the grocery store, 52 percent are asking guests to bring a dish to Thanksgiving dinner. Three in four are asking guests to bring their own alcohol, while just under half (46%) are asking people to provide the dessert. Another 42 percent are going a step further, asking their friends and family to help pay for the big meal.
Overall, 45 percent of the country say they feel financially stressed by Thanksgiving 2022. Gen X Americans have the least amount of stress (33%) while Gen Z is feeling it the most (54%).
Thanksgiving budgets may be tighter than ever
In terms of dollars and cents, one in five Americans doubt they have enough money to afford a traditional Thanksgiving meal this year. Although 52 percent say they’re spending the same on their holiday groceries, 33 percent are slashing the budget.
In fact, 28 percent say they have less than $100 budgeted for their Thanksgiving shopping. Nearly six in 10 (57%) plan to spend between $100 and $200 for their family gathering. Just 15 percent of Americans have more than $200 set aside for the holiday feast.
Although Gen X Americans are feeling the least amount of stress this holiday season, 40 percent say they’re spending less than $100 on their Thanksgiving dinner. Perhaps they simply know the best ways to save money while shopping on a tight budget.
Respondents say the best things to do to save money are pay attention to deals (38%), use coupons (36%), and start shopping for holiday ingredients early (36%). When it comes to the 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%).
If you’re wondering which dishes are most likely to disappear in order to save money this year, extra desserts, Brussel sprouts, squash, and creamed spinach are all on the chopping block.
Source: Study Finds
For this campaign, Personal Capital surveyed 1,000 Americans to explore their plans for Thanksgiving this year. Among them, 56% were men, and 44% were women. The generational breakdown was 25% Gen Z, 36% millennials, 26% Gen X, and 13% baby boomers.
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Originally published on Study Finds.