How the holidays stretch Americans' budgets

This Thanksgiving will cost the average American almost $1,000, new research has revealed.

That’s according to a survey of 2,000 U.S. adults who celebrate Thanksgiving, split evenly by generation.

Results found that those polled will spend an average of $175 on food alone this year and another $110 on drinks.

But meal time necessities aren’t the only thing on the tab. On average, Americans polled will spend $83 on decor for the holiday and another $291 on miscellaneous items such as fixing a broken appliance or purchasing a new outfit.

And though one-third of respondents aren’t planning to spend anything on travel for the holiday, those who are plan to spend an average of $293, bringing the Thanksgiving spend total to $952.

And with the average person hosting eight different people, each plate will total an average of $21.88.

Conducted by Talker Research on behalf of banking app Chime (https://www.chime.com), the survey took a deep dive into how Americans are adapting their gatherings and stretching their budgets during a financially challenging holiday season.

Results revealed that Americans aren’t planning for just one celebration. The average person will attend three different gatherings this year, including dinner with just those in their household (58%), traditional full family get-togethers (51%) and friendsgivings (30%).

Two in five Gen Z even split the holiday, attending one gathering with one side of the family and another with the other side.

This may be why 59% note that it’s no longer just Thanksgiving “day,” it’s coming a whole Thanksgiving “season.”

With so much to prepare for, a little more than two in five Americans (43%) set a Thanksgiving budget ahead of time, with millennials being more likely than other generations (53%).

While about half (49%) start planning and saving for the holiday, another 39% do so months in advance.

Still, a little more than one-third of respondents (35%) are planning to spend less this year than they have in years past, spending an average of 41% less this year.

In order to keep costs lower, these respondents will be hosting smaller gatherings than before (31%) or having their guests bring some dishes, rather than cook everything themselves (28%).

Millennials are planning to take a more minimalist approach (36%), while Gen Z are keeping the same dishes but opting for cheaper brands (28%) or skipping out on travel (24%) to save money this year.

“Results found that 63% of respondents find that it’s expensive to get together with family during Thanksgiving, which undermines the whole meaning of the holiday,” said Chime’s Chief Spending Officer Janelle Sallenave. “No matter your budget, there are easy ways to make the season more affordable: plan your menu early, set spending limits and don’t be afraid to ask guests to pitch in. Thanksgiving should be about connection, not cost.”

When it comes to splitting costs for either a Thanksgiving or Friendsgiving celebration, generations are divided. One in three baby boomers believe that the host should pay for everything, while 33% of Gen Z believe that it should be split evenly between everyone.

Regardless of how the tab is split, almost half (45%) even report they feel pressure to host the “perfect” Thanksgiving.

“For all the planning and preparation that goes into Thanksgiving, small financial choices can make a big difference,” said Sallenave. “Whether it’s sharing the cost of a meal or setting a clear holiday budget, the goal is to celebrate without financial stress.”