Thanksgiving remains a hallmark holiday for the majority of American households with 83% of Americans reporting they planned to celebrate in 2023, according to a survey from Statista. This year, 90% of respondents to Chime’s 2024 Thanksgiving Consumer Insights Survey confirm their plans to celebrate.
According to spending data from the millions of Americans that use Chime’s debit and credit cards, Chime members historically invest in their Thanksgiving meals. “Though Black Friday gets all the attention when it comes to spending this time of year, our spend data show our members opt to spread out their holiday spending versus going all in around the after-Thanksgiving sales,” explains Chief Spending Officer for Chime, Janelle Sallenave. “Thanksgiving is a distinct moment we see in our member spending, with grocery spend on the Wednesday before Thanksgiving up nearly two times the average.”
Knowing the average spend the day before Thanksgiving is nearly 2X more, this year, Chime conducted a survey to learn more about how our members are planning to celebrate:
Gathering at Home: Millennials Taking the Turkey Reigns as Hosts
Home is where the heart—and turkey—is. This year, 87% of those celebrating at home will be joined by immediate family, outpacing those hosting extended family (42%) or friends (39%). Nearly half of respondents expect a cozy gathering of 10 or fewer guests, but 31% are preparing for a feast with over 15 attendees—a trend reflective of slightly larger gatherings compared to last year.
Interestingly, millennials are leading the charge as hosts for their Thanksgiving feasts this year (37%), just ahead of Gen X and Gen Z. And hosts, regardless of age, tend to go all out, with 40% providing the entire meal themselves. Inflation and larger guest lists may be contributing to increased hosting costs, with 44% of hosts reporting plans to spend more this year.
For many, hosting is a tradition in itself. An impressive 61% of hosts this year also hosted last Thanksgiving, compared to just 22% of those attending as guests.
Budgeting and Shopping: Smart Spending in Action
Thanksgiving shopping is largely an in-person affair, with 73% of respondents saying they’ll hit the grocery aisles rather than shopping online. While comparison shopping remains common (35%) for respondents, older generations are the savviest deal hunters—44% of Boomers hit multiple stores for the best deals, compared to 31% of Gen Z shoppers.
Hosts, unsurprisingly, are more likely to plan ahead, with 32% creating a Thanksgiving budget versus just 17% of guests. And when it comes to priorities, guests are nearly four times as likely to contribute dishes (31%) than money (8%) to the celebration.
Surprise “stuffing” in the couch cushions?
When asked what they’d do if they found an extra $100 in the couch cushions while cleaning for Thanksgiving, nearly half (47%) of respondents said they’d deposit it into their Chime high-yield savings account to watch it grow—a choice that reflects financial mindfulness even during the holiday season. Only 18% said they’d spend it on Black Friday.
Thanksgiving vs. Black Friday
For many Chime members, Thanksgiving is the biggest spending day of the weekend, especially for hosts—43% rank Thanksgiving as their top spending day compared to 24% of guests. However, Black Friday still reigns supreme for 46% of guests, who see it as a prime opportunity to score deals.
“What we’re seeing from this survey is that for those that host loved ones for the holiday, they’re opting to make that as a bit more of a spending investment than Black Friday,” explained Sallenave.
About the Survey
The Thanksgiving 2024 Consumer Insights Survey was conducted among 2,521 active Chime members between November 13 and 16, 2024. The findings reflect weighted responses to ensure representative insights from Chime’s diverse membership base.