Lauren C. Moye, FISM News
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The president won’t be the only one pardoning the Thanksgiving meal turkey according to a new poll. In fact, 1 out of 4 polled Americans isn’t planning to celebrate the holiday meal as financial stress has become an unwelcome dinner guest invited by inflation and job insecurity.
Personal Capital, a digital wealth management company, commissioned the poll. The official results found that only 74% of the 1,000 respondents planned to celebrate Thanksgiving. This makes for a steep decline from a similar 2021 IPSOS survey in which 9 in 10 Americans planned to celebrate.
For those who do plan to celebrate Thanksgiving, the poll found that 34% imagined a smaller dinner menu for this year compared to last, and 45% overall felt financial stress when considering Thanksgiving 2022. While the higher cost of food is one leading stressor, it’s not the only one noted by the pollsters.
“For many, the increased financial strain comes not only from inflation but also from job insecurity. Over half of those surveyed reported losing their job within the past 12 months (53%),” a Personal Capital spokesperson wrote.
Of Americans who experienced job loss, 29% were doubtful they’d celebrate Thanksgiving, which makes for a larger slice of the statistical pie compared to the 22% who were experiencing doubts but did not lose their job.
In September, the Consumer Price Index saw an 8.2% overall increase in year-over-year costs. October’s report is expected to be released on Nov. 10. However, the cost increase in turkey has far outpaced the CPI this year.
While USDA government data on the cost of turkeys vary widely due to region, some areas have seen the price of turkey rise by $1 per pound. At this time a year ago, the Northeast U.S. region paid an average of 99 cents per pound for a frozen bird. Now, they’re paying up to $1.99.
Turkey inflation has also further increased after a summer breakout of avian flu during the holiday preparation cycle for turkey producers hindered their supply chain. This year, 47.6 million birds have been affected by the flu, which normally results in the entire flock being culled to prevent greater spread. From January to July of this year, 5.4 million birds were killed.
Personal Capital’s poll found that 28% of Americans had a total budget of $100 for Thanksgiving festivities. This means that a 15-lb turkey would cost nearly one-third of the overall budget alone.
While some families are skipping Thanksgiving entirely, other hosts are opting for different cost-management alternatives. This includes cutting dishes from the menu, as stated by 53% of hosts, asking guests to bring some dishes (52%), and asking people to pitch in money (42%) to cover some of the costs.
Additionally, some decided to forgo Thanksgiving in favor of a Friendsgiving celebration where only 24% of poll respondents even planned to have a turkey on the menu. In place of this, 33% of Friendsgiving celebrators anticipated dining on a more budget-friendly pizza.