Stu Leonard Jr., CEO of Stu Leonards, joins Kabuto: Coast to Coast to discuss the retail revenue report and different perspectives for the average consumer.
stubbornly high inflation Thanksgiving continues to strain American families' budgets this year, with costs up 19% from a year ago, according to a new report from LendingTree.
According to LendingTree research, on average, thanksgiving dinner Organizers plan to spend $431 on food, drinks and decorations for the celebration. This includes an average of $265 for food and drinks, plus an additional $166 for Thanksgiving festive decorations. Thanksgiving organizers expect an average of 11 guests to attend the holiday party, the same number as last year.
60% of respondents are concerned about inflation and say it is affecting their plans to celebrate the holidays, 27% say they will change their food choices and 26% say they will use coupons more 9% declined to hold the event due to cost. More than a third, 35%, said they might reconsider opening their home next year because of cost.
Matt Schultz, LendingTree's chief credit analyst, said in an interview on FOX Business that the 19% year-over-year increase is “inflation still has a very large impact on people's budgets when it comes to Thanksgiving planning. I understand,” he said. “Although prices haven't gone up as much as they have in recent years, prices are still there and it's clearly an issue that people are grappling with this Thanksgiving.”
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According to a study by LendingTree, Thanksgiving hosts plan to spend 19% more to invite guests to a dinner party than they did a year ago. (John Moore/Getty Images/Getty Images)
More than a third (36%) of prospective hosts say the amount they plan to spend on their Thanksgiving event will be a financial burden, 14% say they regret their decision to host, and 34% answered that they would use the funds in the future. credit card To pay for Thanksgiving.
With inflation compression household budgetexpects guests to shoulder some of the burden by tipping in cash or by bringing items to donate to the banquet. Approximately 6 in 10 potential Thanksgiving hosts say they expect their guests to offset costs in this way, and 25% are less likely to invite next year if their guests arrive empty-handed. The answer is that they may reconsider extending the term.
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More than one-third of Thanksgiving organizers say hosting a party is a financial burden. (image/image)
“That's a big number. You've probably been to a party where someone shows up with nothing and someone else brings something. Everyone has seen that person. No one wants to be that person,” Schultz said. “This study certainly shows that things like that tend not to go unnoticed.”
“It's really just one of those things that helps you when you're lost,” Schultz said. “If you're young and you're with a group of friends and maybe it's your first time or something like that, you might not really know. But when you're lost, if you can bring something with you, Every little thing helps, even if it's just spending a few bucks at the grocery store on the way to a party.”
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A survey found that the majority of Thanksgiving dinner hosts expect guests to bring their own food or cover the cost in some other way. (Robert Nickelsburg/Getty Images/Getty Images)
For Thanksgiving guests who do not have or may be unable to contribute financially to cover some of the costs. bring food“Help doesn't have to cost a lot of money,” Schultz said, and there are other ways to contribute.
“You can also volunteer to come in a little early and help with the tedious tasks like preparing, cooking, and decorating the party. pick up someone at the airport “If that's an issue,” he explains, “there are a lot of things you can do to participate using a little bit of sweat capital instead of cash and still be pretty useful.”
Schultz said one way consumers can cut down on Thanksgiving spending is by not only shopping for the best price, but also using options that offer the best rewards if they're using a credit card. I pointed out that it is important to check whether the Or you can take advantage of travel benefits.
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“If you're traveling for Thanksgiving, a rewards card that offers discounts on airfare or free hotel nights can really come in handy,” Schultz said.
“There are cards out there that offer very large cash back benefits, far more than the 1.5% or 2% you get on some cards that all have the same cashback rate,” he added. “So taking the time to think about which cards to use when making these purchases can help make a big difference to your budget.”
