As consumers increasingly prioritize experiences and family gatherings over commercial products and services, a new Deloitte report shows Americans are willing to spend more money this Thanksgiving than ever before.

The 2024 Deloitte Holiday Retail Survey finds Americans plan to spend an average of $1,778 during the holiday season, an increase of 8% from the previous year. What’s more, according to JLL’s 2024 Holiday Shopping Survey, Americans plan on spending $338 on food and decor this Thanksgiving, a 61% increase from the previous year.

And with almost three-quarters of U.S. adults in a Pew Research study saying family time is one of life’s most important things, more Americans will embrace the spirit of the season this Thanksgiving.

Experiences Over Products

Deloitte’s Holiday Retail Survey highlights a recent shift in consumer behaviors: an increasing number of Americans opt to spend money on experiences rather than commercial goods. Experts expect the number of consumers willing to splash out on shared experiences that build connections with family and friends will increase 16% this year compared to last year.

This points to a new focus on spending less on giving and more on living as Americans embrace the spirit of Thanksgiving and make deeper connections with family, friends, and loved ones.

How Will Americans Spend Money This Thanksgiving?

Many Americans are concerned with inflation, but according to Advantage Solutions ’ new Thanksgiving Buying Trends study, most are unwilling to compromise the essence of this special holiday.

Butterball’s 2024 Togetherness Report reveals 52% of Americans are not planning to make cost-cutting changes to their Thanksgiving Day menus.

Many retailers are shifting to meet the growing demand for quality ingredients at a lower cost. Walmart’s discount holiday option for Thanksgiving 2024 brings back its “inflation-free Thanksgiving meal” and enables customers to create a holiday feast for less than $7 per person.

Meanwhile, BJ’s Wholesale Club will give members a free turkey if they spend $150 in a certain period, while Aldi offers a Thanksgiving feast for 10 at just $4.70 a person.

The Rise of the At-Home Culinary Feast

Americans’ food consumption habits continue to fluctuate following the COVID-19 pandemic. A US Foods study says consumers dine out more this year than in 2023, citing “atmosphere” and “time to socialize” as driving factors.

However, the same study finds that diners spent more on food monthly in 2024 than last year — $191 and $166, respectively.

Inflated costs have more Americans embracing the kitchen. An estimated 64% of Americans cook at home regularly, with 81% saying they enjoy making meals from scratch more than they did before the pandemic.

This new-found enthusiasm is fuelled partly by surging social media recipe trends and online recipe-sharing platforms inspiring foodies to experiment.

Popular food publication Eater dubbed 2024 the “Year of the Dinner Party,” reflecting a growing appetite for sharing food experiences with friends and family. In fact, Butterball’s survey found 86% plan to dine with up to nine people this Thanksgiving.

Embracing New Foods

The humble turkey is still far and away the most popular food on Americans’ Thanksgiving tables, with a recent survey finding that 90% of people plan to have turkey this year.

Beyond turkey, some American foodies look to other types of meat to bring a little flavor to the Thanksgiving feast. Pork is the second most popular option (30%), while beef (18.8%), fish and seafood (11.1%), lamb (5.6%), and non-meat proteins (7.3%) weren’t quite so popular.

But how can Americans infuse extra flavor into their favorite foods this Thanksgiving?

One way is to elevate a holiday staple. Many Americans are trying their hand at creating a rich, delicious homemade gravy rather than relying on store-bought options.

More and more U.S. foodies are looking to mix up their side dishes. Some, such as green bean casserole, are ever-present, but Brussels sprouts, roasted asparagus, and broccoli are great alternatives to the usual Thanksgiving sides.

Of course, the turkey is still the centerpiece. Many are putting a twist on a timeless classic, using brining methods or incorporating a homemade dry rub to take a traditional roast turkey to a whole new level.