Grocery inflation pushes Americans to restaurants on Thanksgiving
Many Americans say they're going to keep their Thanksgiving gatherings small
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High prices at grocery stores are pushing more and more Americans across the country to order food from restaurants this Thanksgiving.
Data shows the cost of groceries spiked 9.8% over last year, but the cost of eating out rose just 5.8%, making it essentially the same price to cook a Thanksgiving meal at home as it is to order one or go to a restaurant, Axios reported Tuesday.
"If you’re wanting to forgo the hassle of cooking and washing dishes or asking guests to bring a side dish with the bonus of supporting your favorite restaurant, this could be your year for a holiday spread away from home," Wells Fargo wrote in an analysis.
"Some Thanksgiving dishes at your favorite restaurant are closer in price to your food at home which could save you time and energy. In other words, you could spend about the same on a dish at a restaurant as you would preparing it at home," Wells Fargo added.
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Foster Farms turkeys sit on a table a the SF-Marin Food Bank on November 08, 2021 in San Francisco, California. (Photo by Justin Sullivan/Getty Images) (Justin Sullivan/Getty Images / Getty Images)
Wells Fargo's analysis lines up with a survey from Personal Capital which found that Americans are much more price-conscious this Thanksgiving.
According to the Personal Capital survey, 38% of consumers are paying attention to deals and 36% plan to use coupons, while 31% plan to buy in bulk.
Traditional Thanksgiving or Friendsgiving holiday celebration party. Flat-lay of friends or family feasting at Thanksgiving Day festive table with turkey, pumpkin pie, roasted seasonal vegetables and fruit, top view.
"Over half of respondents planned to keep gatherings small, make fewer dishes, and ask guests to bring something to the table," Personal Capital wrote. "Another 42% were willing to ask guests to pitch in money for the meal."
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Butterball turkeys are for sale at a grocery store in Omaha, Nebraska. (Photo by Eric Francis/Bloomberg via Getty Images) (Eric Francis/Bloomberg via Getty Images / Getty Images)
Turkeys in particular are hitting Americans' wallets hard. Gristedes Foods and United Refining Company CEO John Catsimatidis said on "Varney & Co." last week that the cost of a holiday meal is at a record high.
"This Thanksgiving, no change, the highest prices ever for turkeys, the highest price ever for your Thanksgiving dinner," Catsimatidis said.
Javier Simon contributed to this report.