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.”
