A Record Percentage of Americans to Host Thanksgiving Dinner This Year, Spending $392 on Average
LendingTree Survey Finds 44% of Hosts Plan to Take on Debt This Year
CHARLOTTE, N.C., Nov. 15, 2021 /PRNewswire/ -- Thanksgiving 2020 is a blur for many families who decided to scale things back or cancel the holiday altogether because of the coronavirus pandemic. But this year, Turkey Day is poised to make a comeback — a record percentage of Americans plan to host the holiday, according to LendingTree's latest survey of more than 2,000 Americans.
Key findings
- A record percentage of Americans plan to host Thanksgiving dinner this year. Nearly half — 47% — expect guests, up from 41% in 2020 and 33% in 2019.
- Consumers expect to spend an average of $391.60 to host Thanksgiving, down 18% 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. 44% of hosts plan to take on debt this year, compared with 38% in 2020, 27% in 2019 and 28% in 2018.
- Hosts are less likely to stick to a budget this year, possibly due to uncertainties around supply chain shortages. Only 27% have a "very firm" budget, down from 39% in 2020, while 21% don't have a budget at all (up from 16%).
"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. "Budgets should be living, breathing, malleable documents, and that's especially true in weird economic times like we're in currently."
To view the full report, visit: https://www.lendingtree.com/credit-cards/study/thanksgiving-spending-survey/.
Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 2,045 U.S. consumers (including 963 Thanksgiving hosts) from Oct. 26 to Oct. 29, 2021. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree
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Morgan Lanier
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SOURCE LendingTree.com
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