A Record Percentage of Americans to Host Thanksgiving Dinner This Year, Spending $392 on Average
Thursday, November 18th, 2021
Thanksgiving 2020 is a blur for many families who decided to scale things back or cancel the holiday altogether because of the coronavirus pandemic. But this year, Turkey Day is poised to make a comeback — a record percentage of Americans plan to host the holiday, according to LendingTree's latest survey of more than 2,000 Americans.
A record percentage of Americans plan to host Thanksgiving dinner this year. Nearly half — 47% — expect guests, up from 41% in 2020 and 33% in 2019.
- Consumers expect to spend an average of $391.60 to host Thanksgiving, down 18% from 2020. Millennial hosts expect to pay the most — $461.20, on average — while baby boomers expect to spend the least — $232.40, on average.
- Consumers are increasingly taking on debt to host Thanksgiving. 44% of hosts plan to take on debt this year, compared with 38% in 2020, 27% in 2019 and 28% in 2018.
- Hosts are less likely to stick to a budget this year, possibly due to uncertainties around supply chain shortages. Only 27% have a "very firm" budget, down from 39% in 2020, while 21% don't have a budget at all (up from 16%).
"I do think that a lot of the uncertainty that is out there thanks to inflation, supply chain issues and other factors is likely affecting how people are handling their budgets, and that's a good thing," says LendingTree's chief credit analyst, Matt Schulz. "Budgets should be living, breathing, malleable documents, and that's especially true in weird economic times like we're in currently."
To view the full report, visit: https://www.lendingtree.com/credit-cards/study/thanksgiving-spending-survey/.