Thanksgiving 2020 is a blur for many families who decided to scale things back or cancel the holiday altogether because of the ongoing 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.
Key Findings:
- 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.”
SOURCE: LendingTree, 11115 Rushmore Drive, Charlotte, NC 28277