Forty-four percent of Americans hosting Thanksgiving are concerned about the cost of the event as they continue to face inflation in the Biden-Harris era, according to Deloitte survey data.
The survey found that, due to rising costs, three of ten hosts are “leaving more friends or relatives off the invite list this year.”
The survey found that 51 percent of hosts making less that $50k are most likely to be concerned about cost, and 41 percent in this bracket said they they will invite fewer guests than they have in the past.
Half making between $50k and $99k said they are concerned about the cost associated with hosting, and 34 percent in that bracket said they will invite fewer guests.
Among those who make over $100k, 36 percent said they are concerned about the cost of hosting, and nearly a quarter, 24 percent, said they would invite less guests than in the past.
The survey found that Gen Z hosts are particularly worried about the cost of hosting:
Age demographics also matter, and Gen Z hosts seem especially affected this year. In our survey, they were the most likely to report concerns about costs (61%) and the most likely to reduce their guest lists (49%). Gen Zers’ disposition could be partly due to an income effect, as younger people tend to make less income, but it may have something to do with more limited experience hosting. Hosting as a priority is less a part of Gen Z traditions (10 percentage points lower than other generations), many of which are likely still being established in younger households.
Others — four in ten — hope to offset the cost of hosting by asking guests to bring food. According to the survey, 47 percent “plan to ask their guests outright to bring something.”
Among the one in ten who are not attending a gathering, “40% say they are not celebrating with others due to the higher food costs, 35% cite more general financial concerns, and 26% say they are scheduled to work during the holiday,” per Deloitte.
The survey’s findings coincide with the reality that Thanksgiving dinner costs 24 percent more this year than the year before President Biden took office.
As Breitbart News’s Economics Editor John Carney reported:
A dinner for 10, featuring 12 traditional dishes—like turkey, stuffing, cranberries, and pumpkin pie mix—will average $58.05, according to an annual survey by the American Farm Bureau Federation. That’s up from $46.90 at the last Thanksgiving of Donald Trump’s first term.
The price of a 16-pound turkey is $25.67 on average this year, up 32 percent from the pre-Bidenflation Thanksgiving of 2020.
“While consumers are getting some much-needed relief after years of elevated retail prices, these grocery bills also reflect some hard conversations around the dinner table for farm and ranch families,” the American Farm Bureau said.
Meanwhile, the St. Louis Fed is attempting to offer suggestions to grapple with rising food prices, suggesting that Americans could opt for a soybean-based dinner” to cut costs.
COMMENTS
Please let us know if you're having issues with commenting.