Americans will spend $28.5 billion on Thanksgiving this year, down 3.4% from 2007

Thanksgiving spending is set to decline this year according to IBISWorld, one of the nation's' most respected independent publishers of business research. With the financial crisis looming, the 155 million American households celebrating the holiday will only spend $28.5 billion this year - down 3.4 percent from 2007 - 90 percent of which will be spent on food alone.

Home Cooking

Thanksgiving food consumed outside the home grew 36 to 43 percent from 1980 to 2006, respectively. But since then, families have shied away from restaurants in favor of home-prepared meals; a trend expected to continue as tough economic conditions strain American budgets.

Talking Turkey

With around 275 million turkeys raised this year - up 1.1 percent from 2007 - certified organic turkeys will account for just over half of total domestic turkey production. Minnesota, North Carolina, Arkansas, Virginia, Missouri and California contribute to 64 percent of domestic production.

Side Dishes

In 2008 the U.S. will produce 700 million pounds of cranberries (up 1.5 percent); 1.65 billion pounds of sweet potatoes (up 3 percent); 1.1 billion pounds of pumpkins (up from 1 billion); 1.9 bushels of wheat (up 5.5 percent); and 850,000 tons of snap green beans (up 1 percent).

Black Friday

This year, the total holiday expenditure will fall by 3.3 percent to $460 billion, with price the foremost factor when purchasing Christmas food, gifts and decorations. Gift buying is expected to be limited to immediate family, children and close friends only. Cards may be sent in lieu of presents, with around 20 billion mail items delivered by the U.S. postal service between Thanksgiving and Christmas Day.