Is Thanksgiving getting more expensive? These researchers say so
From turkey to traveling, cranberry sauce to the festive cornucopia, Thanksgiving costs can add up. But by how much?
For the third consecutive year, consumer finance researchers at LendEDU sought to answer that question by surveying 1,000 American adults on how much they expect to spend this Thanksgiving.
According to the data, American adults will spend an average of $186.05 on Thanksgiving this year, a 6% increase from last year’s average of $175.65 and a 13% increase from 2017, when expected expenses were $165.14.
“We want to look at Thanksgiving costs so consumers can get an idea of what the average American is spending and base their expenses on that,” said Mike Brown, a research analyst at LendEDU who worked on this year’s data.
Food accounts for most of the expenses. On average, 82% of total Thanksgiving costs will go to food. Traveling takes up the remaining 18% of that expected cost.
Thanksgiving is one of the most hectic days to travel. For last year’s Thanksgiving, AAA estimated that 54.3 million Americans traveled at least 50 miles. An additional 4 million flew to their destination.
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“Thanksgiving costs can get out of hand if you host, especially with the popularity of cooking shows and organic options,” Chris Tuck of SJK Wealth Management told LendEDU. “Depending on the size of your family and friends, budgets for hosting average around $500, but that can go much higher quickly.”
Some Thanksgiving food prices have declined slightly over the past two years. In 2018, the cost of frozen turkey fell by about 10 cents per pound.
“No matter who you are, Thanksgiving is going to be a considerable expense,” Brown said. “$186 is a lot to spend on one day.”