According to the latest Thanksgiving survey released by the Siena College Research Institute, against the backdrop of persistent high inflation and living costs, residents of New York State are showing significantly weakened holiday spending confidence. Nearly sixty percent of respondents admit that holiday spending will put pressure on their family finances, with about twenty percent even stating that this year’s holiday expenses may need to be carried over to next year to be fully paid off.
The survey indicates that 92% of respondents plan to celebrate Thanksgiving, with forty percent preparing to visit friends and family, while the remaining sixty percent choose to celebrate at home. Despite a high proportion of residents observing the holiday, their willingness to spend is not as high as in previous years.
Thirty-six percent of respondents say their Thanksgiving-related expenses this year will be lower than last year, while another 37% believe it will be the same as last year; only about a quarter (26%) plan to increase their spending, a proportion lower than in previous years.
For the minority who will “spend more,” half of them admit that the increased spending is due to rising prices and tariffs, rather than purchasing higher-end products, reflecting how inflation continues to squeeze household budgets.
The survey shows that 56% of people still plan to shop for gifts during Thanksgiving weekend or take advantage of Black Friday or Cyber Monday discounts. However, only 47% of respondents have a clear holiday budget, with more than half falling under the category of “buying whatever catches their eye at the time.”
About half of New York State residents state that their holiday shopping will not exceed $500, a spending cap consistent with holiday dining expenses, indicating a general cautious approach to holiday spending among the public.
Of particular concern is the financial burden that holiday expenses bring to families. 58% of respondents believe that holiday spending “will have a negative impact on family finances”; about 20% indicate that this year’s holiday bills may need to be pushed to next year to be paid off, showing that many families are unable to absorb seasonal expenses all at once.
It is noteworthy that among the young demographic aged 18 to 34, as many as 39% of respondents plan to spend more than last year, higher than the overall average. Experts believe that these individuals may maintain higher spending due to social habits, gift-giving culture, or a higher tolerance for debt, but they are also more susceptible to being burdened by debt.
In summary, this year’s Thanksgiving in New York State presents a dual feature of “enthusiasm for the holiday undiminished, but wallets tighter.” The high cost of living means that many families, even if they want to continue holiday traditions, must cut back on their budgets or rely on installment payments.