After not being with family last year, a lot of Americans are looking forward to being together again on Thanksgiving, and the celebrations won’t come cheap.
A new LendingTree survey finds:
- 47% of Americans expect to host guests for Thanksgiving.
- That’s up from 41% in 2020 and 33% in 2019.
- The average host will spend $391.60 on the holiday, a decrease of 18% from last year, when folks were spending a lot more to make up all the missed holidays due to the pandemic.
- Millennial hosts will spend the most this season, an average of $461.20, while Boomers will spend the least, $232.40.
- 47% of folks say someone in their house will take time off work to prepare for the holiday, either shopping, cooking or preparing the house.
- The average host will have 10 people at their gathering, and spend 9.6 hours preparing for it.
- 54% of hosts say they are at least somewhat stressed over preparing Thanksgiving.
- And when it comes to spending, 44% of hosts expect to take on debt over Thanksgiving, up from 38% last year.
- Ways hosts plan to trim their holiday spending include:
- Set a budget
- Shop around and use coupons
- Use rewards credit cards
- Decorate with items you already own
- Consider a balance transfer