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Nov. 25 (UPI) -- A recent survey says Thanksgiving dinner this year may gobble up the budget of some Americans, experts say. "What we found is that inflation is still having a really big impact on peoples' budgets when it comes to their Thanksgiving plans," LendingTree chief credit analyst Matt Schulz told FOX Business.
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According to LendingTree, the costs of a Thanksgiving dinner is up roughly 19% from last year.
Schulz said prices "aren't rising as much as they have in the last couple of years," but he added it's "still around and it's clearly still an issue that people are wrestling with this Thanksgiving."
The Lending Tree survey says 56% of American citizens may plan to host dinner to give thanks with an average number off 11 guests -- the same number as in 2023.
The survey of nearly 2,050 U.S. consumers reported that dedicated Thanksgiving hosts this year will plan to spend a total average of $431 on food, drinks and other holiday decor.
It showed how people with kids younger than 18 -- or 68% -- along with six-figure income earners -- which was 66% of respondents -- and Gen Zers aged 18 to 27 at 63% of survey participants as those more likely to consider hosting Thanksgiving dinner this year.
However, more than half of the survey participants had inflation on their minds.
Thirty-six percent of respondents admitted how Thanksgiving spending will be a financial strain, which experts warn may put some Americans in debt.
Meanwhile, 27% say how they will change food choices, with 26% looking to coupons and 9% declining to host due to the costs. And more than one-third -- or 35% -- say they may consider not having guests in 2025 because of food prices.
Six-figure income earners, however, are likely to spend $579 on average.
The LendingTree survey also discovered more than half -- or 53% -- of potential Thanksgiving dinner hosts say they have a flexible budget, 27% have a "strict" budget and 20% seemingly were OK with costs. It added how 65% of hosts are willing to host again in 2025 despite costs.
The 2024 average cost is 19% higher than it was in 2019 during America's pre-pandemic years.
A recent report separately indicated that while a Thanksgiving dinner this year will cost 5% less than it did last year, it's still higher than it was before the COVID-19 pandemic which hit the U.S. in early 2020.
According to the American Farm Bureau's annual report, the average cost of a meal for 10 people in 2024 is $58.08.
Moreover, LendingTree's survey said about one-third -- or 36% -- of hosts say the Thanksgiving holiday will cause a financial strain with 14% who regret the decision to host and 34% who say credit cards will be used to help cover food prices.
It indicated roughly 6 in 10 hosts expect guests to help offset dinner costs like sharing a dish. And 25% of survey participants say an invite for next year will be reconsidered if a guest arrives empty-handed.
"That's a big number, and we all have been to parties where somebody shows up with nothing and everybody else brought something," Schulz added. "We've all seen that person, nobody wants to be that person."
This survey "certainly indicates," he said, how the sort of thing like sharing a dish "tends to not go unnoticed."
The financial site Nerdwallet outlined similar steps that food giant Kroger took in how to host a budget-friendly Thanksgiving.
Kroger provided affordable dish recipes to consider and suggested planning in advance, possibly hosting a pot-luck style dinner, using frozen or canned food and to "love your leftovers" as planners look at the days this week leading up to "turkey day."
"When in doubt, if you can bring something, even if it's something small, even if you spend a couple of bucks at the grocery store on the way to the party -- every little bit helps," Schulz said.
