Thanksgiving's Growing Price Tag: What Americans Really Spend This Season

As millions of Americans prepare to gather around the dinner table this Thanksgiving, the financial reality of the holiday continues to escalate. While the spirit of the occasion centers on gratitude and family connection, particularly after pandemic-related separation, the economics of turkey day tell a different story. Recent data reveals just how much money is spent on turkeys each year and across the entire holiday celebration, painting a picture of a nation willing to invest significantly in tradition.

The Rising Cost of the Main Course

Turkey prices have reached notable heights in 2022, with Americans projected to spend approximately $1.1 billion on the holiday’s signature bird. This represents a substantial $151 million jump compared to 2021’s $985 million expenditure. The average price for a 16-pound turkey climbed to $24.69, up 15.3% from the previous year’s $21.41 per bird.

The USDA forecasts that nearly 46 million turkeys will be consumed during the holiday, enough to feed close to 293 million Americans. This uptick reflects both increased participation and growing household hosting efforts, with the percentage of families taking on host duties reaching record levels this year.

When Inflation Becomes the Uninvited Guest

The broader economic landscape is reshaping how Americans approach Thanksgiving planning. Survey data from The Vacationer indicates that 66.5% of respondents—roughly 171 million residents—report that rising costs have forced them to reconsider their holiday strategies.

Breaking down spending expectations reveals a wide spectrum: 12.6% of adults anticipate spending between $501-$1,000, while 8.4% expect to spend $1,001-$1,500. A smaller but notable 5.1% plan for $1,501-$2,000, with 2.6% prepared to spend $2,000 or more. Even among those intending to travel, which represents 43% of American adults or over 112 million people, inflation concerns are reshaping decisions.

Scaling Back the Celebration

In response to mounting expenses, consumer behavior is shifting noticeably. Personal Capital research found that roughly 25% of Americans plan to forgo Thanksgiving altogether. Among those proceeding with celebrations, 88% are cutting at least one traditional dish, and more than a third are reducing overall meal scale. Some households are pivoting toward casual “Friendsgivings” with minimal food preparation.

Travel Costs Soar Higher

For those hitting the roads or skies, transportation expenses add another layer to the holiday budget. Domestic airfares average 43% higher than 2021, with typical tickets reaching around $350 per flight. International travel carries even steeper pricing—averaging $795 per ticket, representing a 25% increase from 2019 and a 41% jump from the previous year.

With 43% of American adults traveling this season, airport congestion is expected to intensify, creating additional time and stress factors for holiday planners already managing budget constraints.

The 2022 Thanksgiving season encapsulates a broader American paradox: despite economic headwinds, millions continue allocating substantial resources to preserve cherished traditions and family moments.