Wednesday Date Means Independence Day Spending Decline on Food, Overall Turnout

Consumer spending on food over the Independence Days is expected to be around $6.9 billion for patriotic patrons nationwide, down from 2017, when consumers spent a record $7.1 billion, according to a National Retail Federation Study. Much of this decline in spending has to do with the unfortunate timing of the mid-week holiday. Although there will be a slight decrease in those observing the holiday, personal spending is up, and this year still ranks second most in spending in the history of the survey.

The annual study, conducted in early June, surveyed almost 8,000 people and was published by the NRF with the help of Prosper Insight and Analytics. The survey, although showing declines in overall spending this year, shows a strengthening economy with personal spending up from $75.35—a new record up from last year’s peak of $73.42.

“With the holiday falling in the middle of the week, a few less Americans will be free to celebrate and that affects spending totals,” NRF President/CEO Matthew Shay told The Telegraph. “But those who are celebrating by attending or hosting a cookout or picnic, are actually spending more, and retailers will be ready with red-white-and-blue decorations, apparel and food.”

More than 216 million Americans plan on celebrating Independence Day this Wednesday, and although that’s down from the 219 surveyed observers last year, a strengthening economy has enabled more people to afford to not only celebrate the holiday in the middle of a work week, but also enabled those same people to spend more on food, alcohol, and decorations than in years past—with young people to thank for a majority of money spent according to Proper Insights and Analytics Executive VP of Strategy Phil Rist, who also told The Telegraph, “We find young people really embrace this holiday, which explains why young people are significantly more likely to buy patriotic themed decorations or apparel for the holiday than any other age group.”

Follow us on social media for the latest updates in B2B!

Image

Latest

AI in content marketing
Generative AI in Content Marketing: Why Creativity & Authenticity Will Make it Work
July 11, 2024

Will 2024 be known as the year AI made waves in content marketing? It sure seems so, with recent AI-driven ads from Toys R Us and Under Armour generating significant buzz online. Not just this: Despite having no official ties to the brand, a mock Volvo ad created entirely by AI has also gone…

Read More
Hiring Made Human: Hiring When You’re a Start-Up
July 11, 2024

The challenges of hiring for a startup have become more pronounced these days than ever. With technological advancements and evolving market demands, startups must be agile and strategic in their hiring practices to ensure success. According to some studies, nearly 90 percent of startups fail, with a significant factor being the inability to attract…

Read More
Focus on the Customer
Fifth Inning – Focus on the Customer
July 11, 2024

In a compelling narrative by Jesse Cole, the Savannah Bananas, a baseball team known for its unconventional approach, has declared advertising dead. Cole emphatically asserts that while advertising may attract customers, it is the fan experience that fosters lasting loyalty. In a bold move, the Savannah Bananas have eliminated all forms of advertising at…

Read More
Dr. Mark Manera talks Trucking Industry
The Trucking Industry Needs a Fitness Overhaul to Jumpstart a Trucking Health Revolution
July 11, 2024

With the trucking industry seeing many changes that prioritize efficiency and productivity, the health of truck drivers has increasingly peaked as a critical concern. With life expectancies for truck drivers averaging 16 years less than the general population, there is an urgent need to address health issues within the industry. Recent initiatives, like the…

Read More