One in four Americans miss Thanksgiving. To save money
Thanksgiving is typically a time of big family celebrations and plenty of food, but a new survey has found that the struggling US economy is forcing many Americans to cut back on spending this year — or not celebrate the holiday.
According to a survey commissioned by digital asset management firm Personal Capital, one in four Americans say they skip Thanksgiving entirely to save money. One in three organizes smaller dinners and 88% cut at least one dish from their table to make ends meet.
In 2021 an IPSOS survey found that nine out of 10 Americans had planned to celebrate Thanksgiving. This year, the new survey of 1,000 people found that number had dropped to just 74%. In fact, 47% say they celebrate "Friendsgiving", that is, with a simple dinner with friends, due to its cheaper menu. Notably, only 24% of Friendsgiving celebrations include a turkey, while 33% opt for a pizza!
Inflation and job insecurity ruin the Thanksgiving holiday
With many Americans grappling with price hikes at the grocery store, 52% are asking guests to bring a plate for Thanksgiving dinner. Three out of four ask guests to bring their own alcohol, while just under half (46%) ask diners to provide dessert. Another 42% go further, asking friends and relatives to help pay for the meal.
Nearly six in 10 (57%) admit their Thanksgiving guest list is much smaller this year, and 53% are cooking fewer dishes. As for the biggest cuts, Gen Z respondents were the most likely to say they're doing all four to cover Thanksgiving costs in 2022.
For those who have lost their jobs in the last year, the holidays could be even more difficult. The survey finds that fewer Americans have lost their jobs (71%) than those who have continued to work (78%). However, those who have lost their jobs are much more likely to attend a Friendsgiving (55%) than employed Americans (38%).
Overall, 45% of the country report feeling financially stressed by Thanksgiving 2022. Generation X Americans are the least stressed out (33%), while Generation Z is feeling the most stressed out (54%).
Your Thanksgiving budget may be tighter than ever
In terms of dollars and cents, one in five Americans doubts they have enough money to afford the traditional Thanksgiving meal this year. While 52% say they're spending the same on holiday groceries, 33% are cutting back on budget.
In fact, 28% say they have less than $100 on hand for Thanksgiving groceries. Nearly six in 10 (57%) plan to spend between $100 and $200 on the family reunion. Only 15% of Americans set aside more than $200 for the holiday feast.
Although Generation X Americans feel the least stress this holiday season, 40% say they plan to spend less than $100 on Thanksgiving dinner. Maybe they just know the best ways to save while shopping on a budget.
Respondents say the best things to do to save money are pay attention to offers (38%), use coupons (36%) and start buying holiday ingredients early (36%). When it comes to items that Thanksgiving dinner isn't complete without, turkey tops the list (36%), followed by gravy (35%), mashed potatoes (31%), stuffing (31%) and sweet potatoes (29%).
Eventually, even in America, inflation bites and is already cutting household incomes and spending, even on the most traditional holidays. Who knows what will happen in Italy with Christmas!!
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The article One in four Americans skip Thanksgiving. To save comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/un-americano-su-quattro-salta-la-festa-del-ringraziamento-per-risparmiare/ on Thu, 24 Nov 2022 18:28:30 +0000.