Inflation leads to nearly 50% of Americans canceling Thanksgiving travel plans, survey shows
SACRAMENTO — Many families are finding it harder to travel or put on a Thanksgiving feast this year.
From gas to groceries, inflation is having a big impact on the holidays this year.
"Prices are definitely up," said Wilson Nunn Jr., the store director of Rancho San Miguel Market.
Rising costs are hitting families' Thanksgiving Day plans hard.
"I think people are going to notice just how much it costs to put on a turkey dinner," said Kimberly Foss, a financial planner.
So just how much higher is inflation this holiday season?
"Inflation was around 2% this time last year. It is now 7.7%," Foss said.
And with people spending more on fuel, food and housing, one of the few spending cuts left is travel.
"Usually, you're not going to cut back on groceries. You've got to have somewhere to live, but it becomes much easier to say let's cancel this trip," said Nick Vinzant, a senior analyst with QuoteWizard.
Gas prices have dropped from all-time highs but it still costs more than last year.
"People are still changing their driving behavior because of high gas prices," Vinzant said. "Nationwide, nearly 50% of people have decided to cancel a trip because they didn't want to pay for the gas."
For those staying local, one turkey day trend is multiple families gathering to help cut costs.
"We're seeing people getting together doing bigger dinners which are cost savings, kind of a potluck type of thing," Nunn Jr. said.
The extra expenses also come during the time of year when many people spend the most money.
"It's usually a 15-25% increase at the end of the year," Foss said.
So families are forced to make some tough choices this season to stay on budget.
"We want to spend more money. It's just we can't afford it. There are only so many dollars in the wallet," Foss said.
The Farm Bureau estimates Thanksgiving dinner costs 20% more this year at an average cost of more than $64 for a ten-person feast.