Thanksgiving Costs Rise to Almost $1,000 for the Average American
As Thanksgiving approaches, Americans are facing significant holiday expenses, with the average celebration costing nearly $1,000 according to recent research. A survey of 2,000 U.S. adults who celebrate Thanksgiving revealed that people are spending an average of $175 on food and $110 on drinks for their festivities. Beyond the meal itself, Americans are allocating $83 for holiday decorations and an additional $291 on miscellaneous items such as emergency appliance repairs or new outfits for the occasion. For those traveling to celebrate—roughly two-thirds of respondents—transportation costs add another $293 to the total. With the average host entertaining eight guests, each plate at the Thanksgiving table costs approximately $22, making the holiday a substantial financial commitment during an already expensive season.
The traditional single Thanksgiving dinner has evolved into what many now consider a “Thanksgiving season,” with 59% of respondents acknowledging this shift. Americans are now participating in multiple celebrations, attending an average of three different gatherings that include immediate household dinners (58%), traditional family get-togethers (51%), and increasingly popular “Friendsgivings” (30%). Generational differences are apparent in how people approach these celebrations—two in five Gen Z respondents split their holiday between different family gatherings, demonstrating the complex social calendars that many Americans now navigate during the holiday. This multiplication of celebrations naturally contributes to higher overall spending and more intricate planning requirements.
Financial preparation for Thanksgiving varies significantly across generations, with 43% of Americans setting a specific holiday budget ahead of time. Millennials lead in financial planning, with 53% establishing a Thanksgiving budget compared to other generations. Nearly half of all respondents (49%) actively plan and save for the holiday, with 39% beginning their financial preparations months in advance. Despite this foresight, economic pressures are affecting holiday plans, with more than one-third of respondents (35%) intending to reduce their Thanksgiving spending this year by an average of 41%. This pullback reflects broader economic concerns and highlights how inflation and financial uncertainty are reshaping even cherished traditions like Thanksgiving dinner.
Cost-cutting strategies reveal Americans’ adaptability and creativity in maintaining the spirit of Thanksgiving while respecting financial limitations. Among those reducing expenses, 31% plan to host smaller gatherings, while 28% are implementing potluck-style meals where guests contribute dishes rather than the host providing everything. Generational approaches to economizing differ noticeably: Millennials favor a minimalist approach to celebrations (36%), while Gen Z respondents are more likely to maintain traditional menus but switch to less expensive brands (28%) or eliminate travel costs (24%). As Chime’s Chief Spending Officer Janelle Sallenave noted, “63% of respondents find that it’s expensive to get together with family during Thanksgiving, which undermines the whole meaning of the holiday,” highlighting the tension between financial realities and meaningful celebration.
The question of who should bear Thanksgiving costs reveals significant generational divides in expectations and etiquette. One-third of Baby Boomers maintain the traditional view that hosts should cover all expenses, while 33% of Gen Z believe costs should be divided equally among all participants. These differing perspectives can create tension when multiple generations gather, particularly when financial resources vary widely among family members. Despite these potential conflicts, the pressure to create a memorable experience remains strong, with 45% of respondents reporting they feel obligated to host the “perfect” Thanksgiving. This pressure often leads to additional spending as hosts strive to meet perceived expectations for food quality, presentation, and overall experience.
As Americans navigate the financial challenges of Thanksgiving 2023, many are finding balance through careful planning and shared responsibility. Planning menus early, setting clear spending limits, and embracing collaborative approaches like potluck meals allow people to preserve the essence of Thanksgiving without excessive financial strain. Sallenave emphasizes that “for all the planning and preparation that goes into Thanksgiving, small financial choices can make a big difference. Whether it’s sharing the cost of a meal or setting a clear holiday budget, the goal is to celebrate without financial stress.” As economic pressures continue, Americans are reimagining their holiday traditions in ways that honor the spirit of gratitude and togetherness while acknowledging financial realities. By focusing on connection rather than consumption, many families are discovering that meaningful Thanksgiving celebrations don’t necessarily require spending nearly $1,000.
