Inflation Fuels Spending on Independence Day Cookouts

 In Holiday, Inflation
What are your holiday weekend plans? ūüéá According to the¬†National Retail Federation, 87% of¬†#consumers¬†plan to celebrate the Fourth of July in 2023 and spend an average of $93.34 on¬†#food¬†items, up from $84.12 in 2022. Total Independence Day¬†#spending¬†is expected to reach $9.5 billion in 2023, up from $7.7 billion in 2022.

 Fourth of July 2023

Eighty-seven percent of consumers plan to celebrate the Fourth of July in 2023 and spend an average of $93.34 on food items.

NRF has been conducting its annual Independence Day spending survey with Prosper Insights & Analytics since 2003 to see how consumers celebrate the Fourth of July.

See more data in the infographic below and click through to our Independence Day Data Center to get a historical perspective.

As this chart using data from the National Retail Federation shows, Fourth of July spending on food is expected to have risen to a record $9.5 billion this year. Based on its annual survey of U.S. consumers, having a cookout is the most popular way of celebrating Independence Day, with 65 percent saying they will host or participate in one (or a BBQ or picnic).

In 2014, total spending was estimated at just $6.3 billion, and this year’s 23 percent year-over-year increase is the largest on record – even larger than that observed in the first pandemic recovery year. While inflation is cooling, higher prices are clearly fueling spending this year. With 87 percent of respondents saying they were going to celebrate this year, an average of $93.34 is forecast to be spent per person on food, up from $84.12 last year.

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Infographic: Inflation Fuels Spending on Independence Day Cookouts | Statista

 

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