The Hidden Cost of Thanksgiving Points Out Numbers Few Considered
Elise Ying-Hei Ho — November 16, 2012 — Special
References: visual.ly
Cost isn't just about what you can see, at least not immediately anyway, which is what the Hidden Cost of Thanksgiving infographic points out this turkey season.
Most people calculate cost based on what they spend immediately. Although that is not necessarily incorrect, it's not exactly correct either. Things like electricity, health and most importantly time are not considered in these equations. While it's easy to see what transactions you've made to purchase all the delicious ingredients for stuffing and dessert, the time spent researching, browsing, shopping, cooking, working out at the gym and even driving back and forth from the grocery store and gym should be taken into account. As the Hidden Cost of Thanksgiving infographic converts the cost of a Thanksgiving meal, readers can pull out a pen and paper to see how much their own festivities actually costs.
Most people calculate cost based on what they spend immediately. Although that is not necessarily incorrect, it's not exactly correct either. Things like electricity, health and most importantly time are not considered in these equations. While it's easy to see what transactions you've made to purchase all the delicious ingredients for stuffing and dessert, the time spent researching, browsing, shopping, cooking, working out at the gym and even driving back and forth from the grocery store and gym should be taken into account. As the Hidden Cost of Thanksgiving infographic converts the cost of a Thanksgiving meal, readers can pull out a pen and paper to see how much their own festivities actually costs.
Trend Themes
1. Hidden-cost Calculations - Opportunity for businesses to create tools or calculators that factor in hidden costs in order to provide more accurate cost estimates.
2. Time Consideration - Opportunity for businesses to develop time-saving solutions and services that help consumers optimize their time during Thanksgiving preparations.
3. Holistic Cost Analysis - Opportunity for businesses to offer comprehensive cost analysis services that take into account various factors such as health, electricity, and transportation costs.
Industry Implications
1. Financial Planning - Disruptive innovation opportunity for companies in financial planning to incorporate hidden-cost calculations in their budgeting and cost estimation services.
2. Home Services - Disruptive innovation opportunity for home service providers to offer time-saving solutions and services for Thanksgiving preparations, such as meal kit delivery or professional cooking and cleaning services.
3. Data Analytics - Disruptive innovation opportunity for data analytics companies to develop advanced algorithms and models for holistic cost analysis, providing insights and recommendations for individuals and businesses.
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