Fourth of July spending set to explode
More than 156 million consumers—nearly two thirds of those celebrating (64.4 percent), are planning to take part in the patriotic holiday by attending a cookout, picnic or barbecue, spending an average of $71.23 per household, up from $68.16 last year, according the annual Independence Day Survey by the National Retail Federation (NRF) and Prosper Insights. Total spending on food items for the holiday is estimated to reach $6.6 billion.
When it comes to shopping for new Independence Day merchandise, more than 48 million consumers, or 22.8 percent, will hit the stores looking for decorations, apparel and more to celebrate in style. The survey also found 42.6 percent, or 103 million celebrants, will attend a fireworks display or community celebration, and 11.5 percent, or 27 million of those celebrating, will watch a parade.
The holiday weekend is also a popular time for travel and vacations as more than 33 million Americans say they will head out of town. When asked about the impact gas prices will have on their spending, nearly eight in 10 (78 percent) said that the price of gas will not impact their spending for the holiday weekend, up from 70.1 percent who said so last year.
“The busiest half of the year for retailers is about to begin, and with economic conditions swaying in consumers’ favor more so this year than last, many seem eager to take advantage of retailers’ promotions,” said Mathew Shay, president and CEO, NRF.
“Consumers this summer and for the Fourth of July will take advantage of lower gas prices to head to the beach or get together with family," said Pam Goodfellow, director, Prosper Insights, "something they’ve had to think long and hard about in recent years with higher energy costs and limited budgets."
Source: Home Textiles Today