According to a survey conducted by The Vacationer, two-thirds of Americans believe that rising prices will have an impact on their Thanksgiving arrangements this year.
Respondents were asked if high levels of inflation are impacting their Thanksgiving plans this year. The vast majority of respondents claimed the country’s present economic situation is influencing their intentions in some way. A quarter, 24.73 percent, blamed the problems on rising food prices, while 16.75 blamed it on increasing travel costs “due to gas prices.” Another 25.02 percent indicated rising food and gas prices will have an impact on their plans.
However, over one-third of those polled claimed the high levels of inflation will have little impact on their holiday plans.
According to the survey, “more than 171 million respondents” believe inflation will have an impact on their plans.
Furthermore, 39.08 percent plan to spend no money on Thanksgiving this year. This figure may dovetail with the findings of a Personal Capital poll published last week, which revealed that one in every four Americans plans to avoid the holiday entirely to save money.
According to The Vacationer survey:
“Almost 29% of American adults believe they will spend well over $500 on Thanksgiving travel this year. This equates to roughly 74 million adults. The 28.6% is composed of 12.56% who say they will pay between $501 and $1,000, 8.37% who claim they will spend between $1,001 and $1,500, 5.08% who say they will spend between $1,501 and $2,000, and 2.59% who say they will spend well over $2,000. Only 20.13% of Americans planned to spend more than $500 last year. This indicates that 30% more people plan to spend more than $500 this year than previous. Unfortunately, Americans are observing rising gas prices and pricey airfares and are aware that they will have to pay substantially more in order to attend Thanksgiving this year.”
The survey was conducted on Oct. 25, 2022, involving 1,003 Americans, with an error margin of 3.158 percent.
It comes as the cost of traditional Thanksgiving mainstays in the United States climbs, with turkey and non-chicken meat up 16.9%, pies up 18.6%, and butter up 26.7%.
According to Breitbart News, economic confidence dipped to “minus 45” in Oct., the lowest level since July. “A month ago, it was minus 39, the third month in a row of advances.” In June, the index fell to minus 58.”