HOBOKEN, N.J.–Will Turkey Loans be next on the credit union product menu?
A new survey that asked Americans how much they expect to spend on Thanksgiving-related expenses this year has uncovered a surprisingly large number: $175.65 per person. But that cost includes more than just the traditional meal.
For the second consecutive year, LendEDU conducted the survey, after finding in 2017 that Americans planned to spend $165.14 last year. The median value in this year’s survey was $100 per person.
How is that $175.65 being spent? A slice of the expenditure is going toward travel. After averaging together all answers, LendEDU said it found the average respondent will allocate 21% of their total Thanksgiving expenditure for traveling purposes, or $36.88 per person.
“While the average Thanksgiving expenditure may seem a bit high, it is important to remember that this is an average figure. Some people have more extravagant Thanksgiving parties with more than 20 guests and a smorgasbord that will require a more generous budget,” LendEDU said. “These respondents would bring up the average Thanksgiving expenditure more so than those folks who enjoy just having a small group join them on Turkey Day.”