A recent poll shows that Americans will combat the rise of living costs this holiday season by saving on Thanksgiving celebrations. Roughly one-quarter of the population won’t celebrate the holiday at all, with money issues being cited as the main reason for this.
Last year, around 36% of Americans went into debt over the holidays — a scenario that’s not likely to happen this year, as the survey results suggest.
This year, roughly 74% of Americans plan to celebrate Thanksgiving — a significantly lower percentage than last year’s 90% reported by IPSOS. But, even those who will stick to the traditional celebration plan to cut back on expenditures with more than one saving measure.
Namely, 47% of the surveyed 1,000 will be partaking in Friendsgiving — the more affordable alternative to Thanksgiving. Only 24% of the respondents will celebrate over a traditional turkey dinner, and most (33%) will go for a less expensive option like pizza.
Majoritarily, Americans plan to shorten the feast menu (88%), and more than half (57%) will reduce the guest list. As many as 28% reported they’ll likely purchase a smaller turkey, and 38% will keep an eye open for discounts.
Moreover, 52% will ask guests to bring a meal, a dessert (46%), or drinks (75%).
With living costs up by 7.7% since last year and a recession staring us in the face, it’s no wonder consumers refuse to keep up with the average spending rate.
The most disheartening fact is that merely 15% of Americans can afford to spend over $200 on Thanksgiving. About 57% have a budget between $100 and $200, and 28% will be spending under $100 this Thanksgiving.