Talking turkey: Thanksgiving spending to grow to $8.2 billion
According to IBISWorld, Thanksgiving spending this year is expected to grow 3.7 percent from last year to $8.2 billion, with two-thirds of it driven by food and drink.
Families and relatives are expected to gather around the turkey this year, with 87.8 percent of US households expected to celebrate T-day. The average household will spend $52.75 on Thanksgiving dinner and $31.23 on turkey alone. Other, more discretionary expenses such as greeting cards, gifts and decorations are not anticipated to grow much this year, increasing only 0.7 percent over 2012 figures. Consumers are more likely to dedicate their cash to food and drinks.
Thanksgiving spending will grow for the fourth straight year. In 2009, spending dropped 4.5 percent to $6.8 billion, as the recession clamped down on the economy.