New research: 68% say Thanksgiving will be more expensive this year

(BPT) - New research from Empower reveals how Americans are adjusting to inflation, tariffs, and shifting traditions around the holiday table. Cost is on the menu as nearly 7 in 10 Americans (68%) say Thanksgiving will be more expensive due to tariffs and inflation. Two-thirds (66%) expect their grocery bill will rise compared to last year, with people expecting to spend an average of $137 on Thanksgiving dinner, with younger generations anticipating the highest costs (Gen Z $176; Millennials $169; Gen X $135; Boomers $90). More than a quarter plan on passing on Thanksgiving this year due to the expense (26% overall; 33% Millennials; 31% Gen Z), and 42% will host Thanksgiving this year, but a scaled-down version to save money (50% Millennials).

Half of people (48%) say the price of cooking spices like thyme and pepper has increased, so they'll be buying less or using them more sparingly to stretch ingredients (54% younger generations). With rising costs, some 57% think they are "getting priced out of my own kitchen" — with groceries too expensive to cook Thanksgiving at home.