Americans Plan to Spend 19% More on Thanksgiving This Year.



Stew Leonard Jr., CEO of Stew Leonard’s, joins Cavuto: Coast to Coast to discuss the mixed reading of the retail earnings report and its impact on average consumers. The discussion revolves around the high inflation rate, which is still affecting household budgets, especially during the Thanksgiving season.

A recent report by LendingTree found that the cost of hosting a Thanksgiving dinner has increased by 19% from last year, with the average host planning to spend $431 on food, drinks, and decorations. The report also found that 60% of respondents are concerned about inflation’s impact on their holiday plans, with 27% planning to change their food choices and 26% using more coupons.

The survey revealed that over one-third of hosts (36%) believe that hosting the party will cause them financial strain, and 14% regret their decision to host. Meanwhile, 34% of hosts plan to use credit cards to pay for Thanksgiving expenses.

The report also highlighted the expectation that guests will help shoulder some of the burden by contributing to the feast or helping with expenses. However, 25% of hosts said they may reconsider extending an invitation next year if a guest arrives empty-handed.

Matt Schulz, chief credit analyst at LendingTree, emphasized the importance of considering the financial strain of hosting a Thanksgiving dinner. He suggested that guests can contribute by bringing a dish, helping with setup and cleanup, or even picking up people at the airport. Schulz also advised consumers to shop around for the best prices and use credit cards with rewards or travel perks to cut back on costs.

Overall, the discussion highlights the ongoing impact of inflation on household budgets and the importance of budgeting and planning ahead for the holiday season.

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