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According to a survey, pizza is anticipated to be a common substitute for turkey at Thanksgiving dinners as hosts and guests alike deal with rising prices for traditional fare.
According to a survey by online financial advisor Personal Capital, 33% of those planning to celebrate “Friendsgiving,” a laid-back Thanksgiving party for friends popular among Millennials and Gen Z, said they would be serving pizza this year. Only 24% of people said they would be serving turkey.
Younger Americans reported high levels of financial stress around the holidays, with 54% of Gen Z respondents and 51% of millennials reporting stress over paying for Thanksgiving. In contrast, only 33% of Gen Xers and 39% of Baby Boomers said they were stressed out about money.
Pizza is probably less expensive than the traditional Thanksgiving spread. The most recent Consumer Price Index shows that the price of groceries increased 12.4% in October compared to the same month a year prior.
According to USDA data, the cost of turkeys has increased by almost 75% this year as a severe avian flu outbreak decimates domestic production. Bread, butter, and other staples like potatoes have all increased significantly in price since last year.
Thanksgiving dinner this year will probably cost even more than it did last year due to inflation. According to the American Farm Bureau, the average price of a Thanksgiving dinner for 10 people was $53.31, the highest price ever noted.
This year, Thanksgiving celebrations will involve several cost-cutting measures, with 57% of respondents saying they will scale back the size of their gatherings to save money.
In addition, 53% stated that they intended to prepare fewer dishes, while 52% intended to request guests’ contributions of food or other supplies and 42% intended to request monetary donations.
According to a blog post by Personal Capital, “Gen Zers were the most likely to use all four strategies to keep costs down, while baby boomers were the least likely to ask guests to provide food, drinks, or money.”
The majority of Americans—about one in five—said they feared they wouldn’t have enough money to pay for Thanksgiving’s expenses. 88% of those polled said they were eliminating at least one dish from their holiday table this year.
What do you think of that negative trend? Please let us know in the comments.