Pizza is expected to be a popular alternative to turkey at Thanksgiving dinners as hosts and guests face rising prices for traditional staples, a survey has found.
According to a survey by online financial advisor Personal Capital, about 33% of people who planned to celebrate “Friendsgiving” — a casual Thanksgiving holiday for friends popular with Millennials and Gen Z — said they would serve pizza this year. Only 24% said they planned to serve turkey.
Financial anxiety related to the holidays was common among young Americans, with 54% of Gen Z respondents and 51% of millennials saying they felt stressed about covering Thanksgiving costs. Conversely, only 33% of Gen Xers and 39% of Baby Boomers reported feeling financial stress.
Pizza is probably a cheaper alternative to buying a traditional Thanksgiving spread. Spending on groceries rose 12.4% in October from the same month a year earlier, according to the latest consumer price index.
Meanwhile, the price of turkeys has risen nearly 75% this year as a severe bird flu outbreak wreaks havoc on domestic production, USDA data show. Other essentials such as potatoes, butter and bread are also much more expensive than they were last year.
Inflation is likely to drive the cost of Thanksgiving dinner even higher this year than last year’s record high. The average price for a Thanksgiving dinner for 10 was $53.31 — the highest ever, according to the American Farm Bureau.
Thanksgiving celebrants plan to take a number of cost-cutting measures for their events this year, with 57% of respondents saying they plan to keep their gatherings small to save money.
In addition, 53% said they plan to cook fewer dishes, while 52% plan to ask guests to contribute food or other supplies, and 42% plan to ask for financial contributions.
“Gen Zers were most likely to use all four strategies to reduce costs, while Boomers were least likely to ask guests to provide food, drink or cash,” Personal Capital said in a blog post about its findings.
In all, about one in five Americans said they fear they won’t have enough money to cover Thanksgiving expenses. No less than 88% of respondents said they cut at least one dish from their table this year.