As we begin to wallow in the crucial economic period between Halloween and New Year’s Day, there are new fears that our fiscal situation could be faltering far more terribly than we had imagined.
This is, after all, the most important consumer spending period on the American calendar, as the people of this great nation begin to hemorrhage cash to pay for flights, presents, and feasts.
But with President Joe Biden’s runaway inflation still battering our bank accounts, a great many Americans are simply skipping Thanksgiving altogether.
In a poll, commissioned by digital wealth management company Personal Capital, one in four Americans say they’re actually skipping Thanksgiving altogether in order to save money. One in three are hosting smaller dinners and a staggering 88 percent are cutting at least one dish from their table in order to make ends meet.
In 2021, researchers note that an IPSOS survey found that nine in 10 Americans planned to celebrate Thanksgiving. This year, the new poll of 1,000 people found that number has fallen to just 74 percent. In fact, 47 percent say they’re celebrating “Friendsgiving” because of its more budget-friendly menu. Specifically, just 24 percent of Friendsgiving celebrations will even have a turkey on the table, with 33 percent opting for a pizza instead!
The numbers don’t lie.
With many Americans struggling with higher prices at the grocery store, 52 percent are asking guests to bring a dish to Thanksgiving dinner. Three in four are asking guests to bring their own alcohol, while just under half (46%) are asking people to provide the dessert. Another 42 percent are going a step further, asking their friends and family to help pay for the big meal.Advertisement - story continues below
Nearly six in 10 (57%) admit their Thanksgiving guest list is much smaller this year and 53 percent are cooking fewer dishes. When it comes to who’s cutting back the most, Gen Z respondents were the most likely to say they’re doing all four of those things to cover the cost of Thanksgiving in 2022.
For those who lost a job over the last year, the holidays may be even tougher. The survey finds fewer Americans who lost a job (71%) say they’ll be celebrating Thanksgiving in comparison to those who kept working (78%). However, those who lost a job are significantly more likely to attend a Friendsgiving (55%) than employed Americans (38%).
Overall, 45 percent of the country say they feel financially stressed by Thanksgiving 2022. Gen X Americans have the least amount of stress (33%) while Gen Z is feeling it the most (54%).
Thanksgiving day staples have already seen their costs rising dramatically, and sacrificing the costly holiday meal to keep the Christmas consumer train on the proverbial tracks may be the only option for many Americans.