One in five Americans are unsure if they will be able to cover the costs of Thanksgiving this year, and one in four plan to skip it to save money, a recent Personal Capital survey found.
The state of economic affairs in President Joe Biden’s America is affecting Americans’ holiday plans. According to the survey, one quarter of Americans are planning to skip Thanksgiving this year to save money, and one in five “doubted they would have enough money to cover the costs of Thanksgiving this year.”
More specifically, one-third expect their 2022 Thanksgiving dinner to be “smaller,” and 45 percent, overall, said they are “finically stressed” by Thanksgiving.
Further, Americans plan to take action to cut the cost of the celebration. Thirty-six percent plan to use coupons, 32 percent plan to compare prices, 28 percent will skip traveling, and another 28 percent plan to buy a smaller turkey.
Another 88 percent of Americans said they plan to cut “at least one dish” from their table to save money:
With financial strain and tightened budgets, the easiest way to save money this Thanksgiving may be to skip it altogether. A 2021 IPSOS survey found that 9 in 10 Americans planned to celebrate Thanksgiving last year. But our survey found that this year, only around 7 in 10 had plans to do so.
The survey coincides with the latest Consumer Price Index report, showing prices 8.2 percent higher than they were one year ago:
The monthly figures show inflation is accelerating. After falling to zero in July, the headline consumer price index has risen for two straight months. In August it was rising at a 0.12 percent rate. Core prices were up 0.31 percent in July and 0.56 percent in August.
Food prices rose 0.8 percent in September, matching the previous month’s figure. Compared with a year ago, prices are up 11.2 percent. Prices of food purchased for home consumption—known to the rest of us as groceries—rose 0.7 percent for the second straight month. These are up 13.0 percent compared with a year ago.
The survey was taken among 1,000 Americans and has a +/- 3 percent margin of error.