One in four Americans plan to skip Thanksgiving dinner this year due to soaring inflation, a survey by Personal Capital found.
Forty-two percent will ask their guests to help cover costs, and 52% will ask their visitors to bring a dish or an item for the dinner table. Fifty-seven percent are keeping their Thanksgiving Day gathering small this year, and 53% will be serving fewer dishes.
Eighty-eight percent of Americans said they are cutting at least one dish this year to save money, according to the survey of 1,002 adults by the online wealth management company.
Thanksgiving fare that won’t make the cut? Brussel sprouts, squash, carrots and beets. Americans are not doing without their turkey, mashed potatoes, gravy and stuffing, however.
The top three items Thanksgiving dinner hosts are asking guests to bring: alcoholic beverages (75%), desserts (46%) and side dishes (37%).
People are getting more creative about Thanksgiving gatherings, with 47% dubbing the event “Friendsgiving,” and possibly serving a turkey pizza instead of a roasted bird, the survey found. This jumps to 55% of Thanksgiving Day hosts who have lost their job within the past year planning a “Friendsgiving” informal gathering, rather than a traditional Thanksgiving Day feast.
Nearly a third, 29%, of those who have been laid off in the past year doubt they will celebrate Thanksgiving at all.
Among those who are hosting friends and family, 57% are budgeting between $101 and $200, and 28% less than $100. Only 15% are planning to spend $201 or more.
Forty-five percent of Americans hosting a Thanksgiving dinner, overall, say they are experiencing at least some level of financial stress over it.
They have good reason. Turkey hens, which are the most common type of turkey served on Thanksgiving, cost 57% more than the five year average, The Wall Street Journal reports, citing data from market research firm Urner Barry.
Two years ago, turkey breast meat cost less than $2 a pound. This year, it’s averaging more than $6.50, an all-time high.
It's not just inflation that is pushing up turkey prices but a bird-flu influenza in more than 39 states that has led to the death of 40 million turkeys.
Hormel Foods Corp. and Butterball LLC, two of the biggest turkey suppliers in the U.S., report that their supplies are down 20% to 30%.
“Lower industrywide turkey supplies are expected to keep prices higher,” says Hormel Chief Financial Officer Jacinth Smiley.
10 Ways to Save on Turkey Day
Here are 10 ways people are looking to save money on Thanksgiving, according to the Personal Capital survey:
Pay attention to detail
|
38%
|
Use coupons
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36%
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Start shopping early
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36%
|
Stick to grocery list
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32%
|
Compare prices
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32%
|
Buy items in bulk
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31%
|
Shop the pantry first
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29%
|
Plan turkey leftovers
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29%
|
Skip traveling
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28%
|
Buy a smaller turkey
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28%
|
“As people feel the squeeze of rising prices, many Americans are cutting back their spending, and prioritizing what is most important to them this Thanksgiving,” says Paul Deer, a certified financial planner at Personal Capital. “A clear budget can help set the table for a happy holiday season, and long term.”
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