Stubbornly high inflation is continuing to strain the budgets of American households this Thanksgiving, as a new report by LendingTree finds that the costs are up 19% from a year ago.
LendingTree's survey found that on average, Thanksgiving dinner hosts plan to spend $431 on food, drinks and decor for the celebration. That includes an average of $265 for food and drinks, plus an additional $166 on Thanksgiving decor for the festivities. Those Thanksgiving hosts expect an average of 11 guests to attend the holiday party, the same number as last year.
Inflation was on the minds of 60% of respondents, who said it has impacted their plans for celebrating the holiday – with 27% saying they'll change food choices, 26% turning to coupons more and 9% declining to host due to costs. Over one-third, 35%, said they may reconsider opening their homes next year because of the cost.
"What we found is that inflation is still having a really big impact on peoples' budgets when it comes to their Thanksgiving plans," LendingTree chief credit analyst Matt Schulz told FOX Business in an interview about the 19% increase from a year ago. "Prices aren't rising as much as they have in the last couple of years, but it's still around and it's clearly still an issue that people are wrestling with this Thanksgiving."
More than one-third (36%) of potential hosts said that the amount they're planning to spend on Thanksgiving festivities will create a financial strain, while 14% said they regret their decision to host and 34% say they'll use credit cards to pay Thanksgiving costs.