Unlike last year, when Americans decided to scale things back or cancel celebrations altogether due to the pandemic, Thanksgiving is poised to make a comeback with a record percentage of Americans (47 percent) planning to host, according to a survey by LendingTree. This is up from 41 percent in 2020 and 33 percent in 2019.
Also among the findings:
• Consumers expect to spend an average of $391.60 to host Thanksgiving, down 18 percent from 2020. Millennial hosts expect to pay the most — $461.20, on average — while baby boomers expect to spend the least — $232.40, on average.
• Consumers are increasingly taking on debt to host Thanksgiving. Forty-four percent of hosts plan to take on debt this year, compared with 38 percent in 2020, 27 percent in 2019 and 28 percent in 2018.
• Hosts are less likely to stick to a budget this year, possibly due to uncertainties around supply chain shortages. Only 27 percent have a "very firm" budget, down from 39 percent in 2020, while 21 percent don't have a budget at all (up from 16 percent).
"I do think that a lot of the uncertainty that is out there thanks to inflation, supply chain issues and other factors is likely affecting how people are handling their budgets, and that's a good thing," says LendingTree's chief credit analyst, Matt Schulz, in a statement. "Budgets should be living, breathing, malleable documents, and that's especially true in weird economic times like we're in currently."
Related: Retailers May Grapple With Thanksgiving Supply Shortage; Meijer Touts Turkey Prices Amid Supply, Cost Issues.