$6.6 Billion in July 4th Spending Expected This Year
According to the National Retail Association, the average American family is set to spend $71.23 on food items for their Independence Day celebrations this year.
In total, Americans will spend roughly $6.6 billion on the July 4th festivities this year, up 6.4% from last year. The National Retail Association says that food costs are slightly higher this year compared to last (+0.6%), but that the bulk of the increase will be due to a general increase in consumer spending.
Some food costs have increased over last year (ground beef especially), while the cost of beer and chicken has declined slightly. In addition, the cost of propane, which is used to power many millions of BBQs across the nation, has dropped significantly from last year.
For some food industries, the July 4th long weekend is their busiest of the year.
For instance, some 150 million hot dogs will be sold in the United States this weekend, while many millions of pounds of chicken and ground beef will be sold as well.
With the national unemployment rate continuing to drop, many Americans are feeling that they can now open up their wallets or purses to spend more on events such as July 4th. Many American households had to restrain their spending over the past 4-5 years, but they seem intent on making up for it this weekend, based on the amount of money that is expected to be spent on Independence Day.
Source: Yahoo.com - This is how much Americans will spend on July 4
Filed under: General Knowledge