Thanksgiving 2025 is shaping up to be one of the priciest yet for American families. New survey data reports that the average person celebrating the holiday will spend close to $1,000 when all expenses are tallied, yet more than a third of Americans are slashing their budgets compared to previous years as they navigate financial pressures during what’s become an entire season of celebrations.
According to a poll from Talker Research conducted on behalf of banking app Chime, Americans planning to celebrate Thanksgiving will spend an average of $952 across food, drinks, travel, decorations, and miscellaneous expenses. Breaking that down by guest count, each plate at the table costs roughly $22 for hosts expecting eight people at their gathering.
Food dominates the expense list at $175 per household, with another $110 going toward beverages. But those aren’t the only costs adding up. Americans are spending an average of $83 on holiday decorations, while miscellaneous expenses like replacing a broken appliance or buying a new outfit tack on another $291. Travel expenses average $293 for the two-thirds of respondents planning to journey somewhere for the holiday, though one-third aren’t spending anything on travel.
Sixty-three percent of survey respondents report finding it expensive to gather with family during Thanksgiving, a sentiment that seems to contradict the holiday’s emphasis on togetherness and gratitude rather than spending power.
How Families Are Cutting Costs This Year
Facing these rising expenses, 35% of Americans are planning to spend less this Thanksgiving than in previous years, cutting their budgets by an average of 41%. Their strategies reveal a practical approach to maintaining traditions without breaking the bank.
Among those reducing spending, 31% are hosting smaller gatherings than before, while 28% are asking guests to contribute dishes rather than shouldering the entire cooking burden themselves. Millennials appear particularly willing to embrace minimalism, with 36% taking that approach to reduce costs.
Gen Z shows different priorities in their cost-cutting measures. Twenty-eight percent are keeping the same dishes on their menus but switching to cheaper brands, while 24% are skipping travel entirely to save money.
“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 Janelle Sallenave, Chief Spending Officer at Chime. “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.”
Why Thanksgiving Now Lasts Weeks, Not Hours
Part of the reason the price tag feels so high is that Thanksgiving has morphed from a one-day event into what 59% of respondents now call a whole “season.” Americans aren’t just attending a single dinner anymore. Survey data shows the average person will participate in three different gatherings this year, including household-only dinners (58%), traditional full family get-togethers (51%), and Friendsgiving celebrations (30%).
Two in five Gen Z respondents are even splitting the holiday itself, attending one gathering with one side of the family and a separate event with the other side. More celebrations mean more opportunities to connect with loved ones, but the trade-off is multiplied costs.
Recognizing the need for financial planning, 43% of Americans set a Thanksgiving budget ahead of time, with millennials leading at 53%. About half of those surveyed start planning and saving for the holiday well in advance, with 39% beginning their preparations months ahead of time.
Baby Boomers vs. Gen Z: Who Should Pay?
Different generations approach cost-sharing in distinctly different ways. One-third of baby boomers believe the host should pay for everything, reflecting perhaps an older tradition of single-household hospitality. Meanwhile, 33% of Gen Z take the opposite view, believing costs should be split evenly among everyone attending.
This generational divide in expectations could create awkward conversations at the dinner table, particularly as younger adults face different economic pressures than their parents and grandparents did at the same age. Nearly half of all respondents (45%) report feeling pressure to host the “perfect” Thanksgiving, adding psychological stress to the financial burden.
“For all the planning and preparation that goes into Thanksgiving, small financial choices can make a big difference,” Sallenave added. “Whether it’s sharing the cost of a meal or setting a clear holiday budget, the goal is to celebrate without financial stress.”
Americans are trying to balance cherished traditions with practical financial realities. While the $952 price tag might seem daunting, the survey shows families are finding creative ways to preserve what matters most about the holiday while being realistic about what they can afford. Those budget cuts and shared responsibilities might actually return Thanksgiving to its roots as a celebration of gratitude and community rather than an exercise in elaborate hosting.
