Though Thanksgiving is not thought of as an occasion that requires a significant amount of spending, a new survey indicates many consumers are overwhelmed by its cost.
The study, conducted by discount website CouponCabin.com, found that 44 percent of consumers who were hosting a Thanksgiving party this year were at least somewhat overwhelmed by how expensive the annual feast is to purchase. Between a turkey, side dishes, drinks and a dessert, nearly 20 percent of respondents said they plan to spend $250 or more for the meal. The majority of those polled, approximately 52 percent, expected to spend between $100 and $249.
"Don't let the burden of the cost of Thanksgiving fall squarely on your own shoulders," said Jackie Warrick, president and chief savings officer at CouponCabin.com. "Since many people will be enjoying the meal with you, consider asking guests to chip in on the cost, or better yet, contribute with a dish of their own."
The survey also detailed how consumers plan on trimming their expenses when it comes to paying for Thanksgiving, such as shopping early and reading circulars for coupons.
Racking up debt during the holiday season may pose issues for consumers and their credit reports, potentially making it more difficult to finance other purchases.