Continued inflation causing Americans to tighten their belts this Thanksgiving
Continued inflation causing Americans to tighten their belts this Thanksgiving
According to the American Farm Bureau Association’s (AFBF) 37th annual survey, the average cost of this year’s classic Thanksgiving feast for 10 will cost $64.05, or just less than $6.50 per person. This is a $10.74 — or 20% increase — from last year’s average of $53.31.
PHILADELPHIA - Americans are tightening their belts this Thanksgiving as sustained inflation has caused some families to adjust holiday meal plans.
According to the American Farm Bureau Association’s (AFBF) 37th annual survey, the average cost of this year’s classic Thanksgiving feast for 10 will cost $64.05, or just less than $6.50 per person. This is a $10.74 — or 20% increase — from last year’s average of $53.31.
"There were definitely a number of things that we normally get more of that I got less of this year because it's more expensive," Maryellen Murphy told FOX 29's Jennifer Joyce.
Data collected by AFBF in 1986 shows Thanksgiving dinner cost $28.74, on average. Sounds great, but remember, that was over 30 years ago and prices are always relative to the current economy.
"General inflation slashing the purchasing power of consumers is a significant factor contributing to the increase in average cost of this year’s Thanksgiving dinner," said AFBF chief economist Roger Cryan. "Other contributing factors to the increased cost for the meal include supply chain disruptions and the war in Ukraine."
Some families are skipping the hassle of shopping and preparing a meal with all the trimmings and going out to eat for their Thanksgiving feats. Amici restaurant in Cherry Hill, New Jersey said it's received around 400 reservations on Thanksgiving.
"It's amazing to have great customers to support local business," Amici owner Alex Daku said. "20-30 percent of certain food is up, they find it more cost effective to go out to eat."
One in four Americans said they are planning to skip Thanksgiving dinner this year to save money, according to the survey by Personal Capital. And one in five Americans doubted that they will have enough money to cover the costs of Thanksgiving dinner.
The Personal Capital survey also said that only seven in 10 Americans plan to celebrate Thanksgiving. This is in contrast to 2021, when a survey by data-gathering firm Ipsos said that nine out of 10 Americans planned to do the same.