Pizza for Thanksgiving? It might be a dinner option due to inflation
One in five Americans, a new survey says, doubts they can afford a traditional Thanksgiving meal this year
One in five Americans doubt whether they will have enough money to cover a traditional Thanksgiving feast.
The higher cost of living right now is making many Americans question whether they'll be able to afford the traditional Thanksgiving dinner this year.
The demographic that is feeling the most financially pinched, according to a new survey, is Gen Z — "who are opting for meals of soup, salad and pizza" this year, as an "Outnumbered" panel noted on Thursday.
One in five Americans doubt that they'll have enough money to cover the costs of the usual Thanksgiving meal this year, according to the study by Personal Capital.
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The survey found that young people with limited incomes may be celebrating a "friendsgiving" this Thanksgiving — featuring pizza, not turkey, as a top choice.
"The point of Thanksgiving, in part, is the connections, the family time, the traditions — but a lot of those traditions include those family recipes," said Emily Compagno of Fox News, a co-host of "Outnumbered."
A number of Americans this year, according to a new survey, may be eating pizza for Thanksgiving dinner — or soup, or salad — rather than the traditional turkey dinner plus all the sides. (iStock / iStock)
"So if people can't afford to make that family recipe that's been near and dear to them because butter's up 37% or whatever it is — that hurts them."
"The economy is the top issue."
She added, "I appreciate the coping skills or the coping mechanisms that people are employing" — as in, "'Maybe we’re not going to [serve] this side this year,' but that hurts and that's important," she also said.
Turkey prices alone are projected to rise as much as 23% compared to the fourth quarter last year, according to Wells Fargo analysts. (iStock / iStock)
She also noted that "apparently premiums haven't yet hit restaurants as much" — so people are being encouraged to make a reservation at a restaurant and go out to dinner.
"But call ahead because they're short-staffed and they're not open for the full hours they used to be," she added, referencing today's labor shortages.
A recent Wells Fargo report was entitled "Is This the Year to Dine Out for Thanksgiving?"
"The economy is the top issue," the panel also noted — as well as inflation.
The same study from Personal Capital also said that as travel costs rise, 28% of respondents said they will not be traveling for the holiday this year.
A recent Wells Fargo report — entitled "Is This the Year to Dine Out for Thanksgiving?" — indicated that the cost of staples from poultry to fruits will outpace the total food at home and food away from home categories on the Consumer Price Index (CPI).
The costs of coffee, cereal and eggs are shown in September, according to the Consumer Price Index (CPI) released on Oct. 13, 2022. (FOX Business / Fox News)
Turkey prices alone are projected to rise as high as 23% compared to the fourth quarter last year, according to Wells Fargo analysts and the authors of the report, Courtney Schmidt and Brad Rubin, as FOX Business reported earlier this week.
They also cautioned that turkey supplies will be "more limited," due to the continuing impacts of the highly pathogenic avian influenza.
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"Turkey prices jumped after the bird flu wiped out livestock earlier this year," the authors noted.
"While inventory has rebounded, the cost per pound will be higher," the authors noted.
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Meanwhile, eggs — also impacted by the bird flu — have already risen 32.5%, while butter and flour have risen 25.8% and 17.1%, respectively.
That's according to the analysts, who used the August CPI data to show the increase in cost since November 2021.
Daniella Genovese of Fox News Digital contributed reporting.