The National Retail Federation (NRF) stated that consumers are projected to spend an average of $71.23 per household, up from $68.16 last year, on food items for the upcoming July 4 holiday weekend. The NRF estimated that total purchasing will reach $6.6 billion.
The findings are a result of the National Retail Federation’s 2015 Independence Day Survey conducted by Prosper Insights & Analytics. For the survey, the company reported that 156 million consumers plan to celebrate the patriotic holiday, with 64.4% planning to attend a cookout, picnic or barbecue.
“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 NRF president and CEO Mathew Shay.
When it comes to shopping for new Independence Day merchandise, more than 48 million consumers (22.8%) will still hit the shop for decorations, apparel and more.
The survey found 42.6%, or 103 million consumers plan to attend a fireworks display or community celebration, and 11.5%, or 27 million, will watch a parade.
The NRF also noted that the holiday weekend is a popular time for travel and vacations, as more than 33 million consumers said they will head out of town. When asked about the impact gas prices will have on their spending, nearly eight in 10 (78%) said that the price of gas will not impact their spending for the holiday weekend, up from 70.1% who said so last year.
The NRF 2015 Independence Day Spending Survey poll of 6,431 consumers was conducted from June 2-9 and has a margin of error of plus or minus 1.2 percentage points.