Thanksgiving isn’t quite the spend-happy holiday that Christmas is, but it still makes its mark. Nearly nine in 10 Americans (88%) say they’ll celebrate Thanksgiving this year, making it the most popular holiday, second only to Christmas. It’s a food-first celebration, and that’s where the majority of the budget goes: 82% of celebrants plan to purchase food; one-third will buy alcohol, and 51% will cook or bake at home — by far the highest percentage of home cooking across major holidays. (7% will go out to eat, and 6% will go the takeout route.)  

 It’s not a cheap spread either. Nearly seven in 10 Americans say Thanksgiving will be more expensive this year due to tariffs and inflation, and the average dinner now runs about $137. Younger generations are getting hit hardest: Gen Z expects to spend $176, Millennials $169, and Boomers $90. Some are scaling back: 42% are planning a smaller holiday to save money, and nearly half say they’re open to swapping turkey for cheaper alternatives like roasted chicken.

Still, Thanksgiving remains the rare holiday most people consider worth the splurge. 73% say the meal is “worth every penny,” calling it an investment in family, connection, and tradition. And while costs may be climbing, Americans aren’t giving up the gathering — they’re just rethinking what “enough” looks like.

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