From Gratitude to Greed: How Thanksgiving Traditions Shape Financial Habits

Thanksgiving is a paradox: a day of gratitude quickly overshadowed by the consumer frenzy of Black Friday. While we reflect on abundance around the dinner table, retailers are gearing up to exploit our emotions, turning appreciation into impulsive spending. Beneath this dynamic lies a fascinating truth: Giving thanks doesn’t just shape our holiday—it shapes our financial behaviors.

Gratitude has been shown to foster better financial decisions. Studies reveal that those who practice gratitude are more likely to save, delay gratification, and spend thoughtfully. Thanksgiving offers a moment to recalibrate, appreciating what we have instead of chasing more. But this reflective mood is short-lived. As soon as the dishes are cleared, the shopping begins. According to The Conference Board Holiday Spending Survey, the average US consumer intends to spend $1,063 in nominal terms on holiday-related purchases in 2024, up 7.9% from $985 in 2023.

Retailers masterfully tap into FOMO and urgency during Black Friday, luring even cautious spenders into overspending. In 2023, Americans spent $9.8 billion online during Black Friday, despite inflation and rising credit card debt. Buy-now-pay-later services, while convenient, often exacerbate the financial strain.

This contradiction—gratitude followed by greed—reveals deeper social pressures. Thanksgiving encourages displays of generosity and abundance, but the push to “keep up” often drives overspending. On a macro level, holiday spending serves as a key economic indicator, where strong sales can signal confidence but also mask growing household debt.

What if we extended Thanksgiving’s gratitude year-round? By reflecting on what truly matters, we can resist impulsive spending and focus on long-term goals. Thanksgiving is more than a meal; it’s a reminder that financial health begins with appreciating what we already have. In the end, the best financial strategy often starts with a simple “thank you.”