Thanksgiving Costs Gobble Up Budgets

Thanksgiving costs rise with inflation, straining budgets for hosts, while US
markets take a holiday break. A costly feast meets a trading freeze.

Hosting Thanksgiving in 2024 feels like feeding a royal court on a
commoner’s salary. Costs are soaring as Americans take time off, the markets
close and everyone Googles when the Macy’s parade kicks off.

According to a report by LendingTree, the average cost of a classic
Thanksgiving meal is up 12% this year, landing at an eye-watering $72.50 for a
party of 10. That’s before you factor in all the extras—like a decent wine
pairing or extra gravy for Uncle Bob. Inflation isn’t just hitting the pumpkin
pie; it’s squeezing wallets across every aisle of the grocery store.

You know what time it is! 🦃 Don’t miss the Macy’s Thanksgiving Day Parade November 28 at 8:30/7:30c on NBC and streaming on @peacock. #holiday pic.twitter.com/3rCw5fpsBY

— NBC Entertainment (@nbc) November 20, 2024

Rising prices have turned grocery shopping into a strategic battlefield.
A turkey now costs around $30 (which isn’t too bad), but side dishes like sweet
potatoes and green beans are up 15% from last year. Even canned cranberry sauce
isn’t spared, costing around 20% more than it did in 2023. For hosts trying to
maintain tradition, cutting corners is difficult when every item in the
Thanksgiving spread feels like a luxury.

The impact doesn’t stop at food. The LendingTree Thanksgiving Cost
Report reveals that 40% of people plan to use credit cards to cover holiday
expenses. Among them, 11% intend to rely entirely on credit, with no plans to
pay off balances immediately. For these households, Thanksgiving leftovers come
with a side of mounting interest rates.

Even those who aren’t hosting are feeling the pinch. Nearly half of
survey respondents expressed concerns about affording Thanksgiving at all this
year. Some are skipping the big meal entirely, while others are downsizing
their guest lists or opting for budget-friendly alternatives, like rotisserie
chicken instead of turkey.

Travel Troubles: The Other Holiday Expense

Hosting’s expensive, but being the guest isn’t cheap either. Travel
costs have soared, with airfare and gas prices up significantly since last
year. LendingTree notes that nearly one in three Americans will spend over $200
on Thanksgiving travel, with the national average hovering around $180—15%
higher than pre-pandemic levels.

In Eby’s BC, it’s hard to be thankful for the rising cost of Thanksgiving dinner. #BCpoli pic.twitter.com/yMSf9Sswrd

— Conservative Party of BC (@Conservative_BC) October 13, 2024

For those flying to their Thanksgiving dinners, ticket prices have
risen 10%, according to industry reports. Meanwhile, road trips aren’t much
better. Gas prices, while slightly lower than their summer peak, remain
elevated compared to previous years. The cost of filling up for a round trip
can easily rival that of an extra side dish at dinner.

And then there are those “hidden” travel expenses—like parking at the
airport or buying snacks for the road. Add it all up, and even the simplest
Thanksgiving visit can turn into a budgetary headache.

The Macy’s Parade: A Priceless Tradition

For many, Thanksgiving isn’t complete without tuning in to the Macy’s
Parade, the annual spectacle that signals the official start of the holiday
season. With inflation tightening budgets, this free televised event has become
an even more cherished tradition. Giant balloons, marching bands, and Broadway
performances offer a rare escape from financial stress, delivering
entertainment that doesn’t cost a dime.

But even the parade has faced its challenges in today’s economic
climate. Behind the scenes, Macy’s has grappled with rising costs for balloon
materials, parade floats, and staffing. Still, the retail giant remains
committed to keeping the magic of the Macy’s Parade alive, providing families with a joyful
diversion before they dive into Thanksgiving dinner.

Feast Free or Feast Smart?

Interestingly, the survey unearthed some creative ways in which Americans
are adapting to rising Thanksgiving costs. About 14% of hosts plan to ask
guests to chip in financially, whether by bringing a dish or contributing cash.
While this might seem unconventional, it’s becoming a necessity in the age of
inflated grocery receipts.

Another 20% of people are planning smaller gatherings, and 8% are
skipping the traditional feast altogether. For others, it’s all about finding
deals: 26% of Americans said they’re hunting for grocery discounts or using
coupons to shave dollars off their holiday spend.

Last-minute shoppers are turning to big retailers like Walmart for
holiday deals. Checking Walmart Thanksgiving hours has become part of the
pre-dinner ritual for many families trying to grab discounted turkeys or
forgotten ingredients. While Walmart locations are closed today, many stores were
open well beyond their normal hours in the run-up to the big event.

On the opposite end of the spectrum, some savvy Millennials and Gen
Zers have cracked the ultimate Thanksgiving hack: attending multiple dinners
without hosting any. This freeloading finesse means they avoid costs
altogether, enjoying turkey with all the trimmings without spending a dime.
Tupperware sales may see a spike as leftovers find their way into younger
hands.

The Boomer Burden: Keeping Traditions Alive

Generational dynamics play a role in who feels the financial squeeze.
Boomers, often the family matriarchs and patriarchs, are still the ones hosting
most Thanksgiving meals. According to LendingTree, they’re the least likely to
ask for financial help, despite being the most affected by rising food and
utility costs. This generation is committed to keeping the spirit of
Thanksgiving alive, even if it means absorbing the economic pinch.

Meanwhile, Gen Xers and Millennials are more likely to split costs with
family and friends or adapt their celebrations to suit their budgets. Whether
this means potluck-style gatherings or focusing on cheaper, non-traditional
dishes, these generations are finding ways to stay festive without breaking the
bank.

Markets Take a Turkey Day Timeout

While Americans grapple with rising costs, Wall Street is in full-on
hibernation mode. US markets are closed for Thanksgiving, giving traders a rare
chance to slow down and enjoy their own holiday indulgences. For those who
can’t resist checking the numbers, European markets remain open, albeit with
lower activity as global markets adjust to the US holiday.

No need to wait until after Thanksgiving—our Black Friday Early Access sale is happening now! Stop by your nearest Macy’s to begin your holiday shopping. https://t.co/tePQcRJaWn pic.twitter.com/3B91DPp4XM

— Macy’s (@Macys) November 10, 2022

Of course, Black
Friday is in full swing, and with it comes a flurry of consumer spending
data and market reactions. Retailers are banking on robust sales to offset a
challenging economic year, but rising credit card debt and cautious consumer
sentiment could temper the frenzy.

Thanksgiving 2024 is shaping up to be a challenging holiday for Americans.
Inflation has driven up the cost of everything from turkeys to travel, leaving
many to rely on credit cards or creative solutions to stay festive. While Wall
Street takes a well-deserved holiday snooze, the rest of the country wrestles
with financial realities that don’t take a day off.

So, whether you’re a host, a guest, or a forex
Forex

Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi

Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Read this Term trader enjoying the brief
market pause, one thing’s clear: this Thanksgiving, the only thing stuffed more
than the turkey might be your wallet.