PHOTO: DEPOSIT PHOTOS
PHOTO: DEPOSIT PHOTOS
Kimberly Redmond//July 3, 2024//
While celebrating the Fourth of July will be expensive for most consumers this year, they aren’t letting that dissuade them from taking part in festivities.
Seventy-three percent plan to mark Independence Day, with white consumers, Midwesterners and Baby Boomers more likely to celebrate, according to market research firm Numerator.
After surveying more than 5,500 consumers about the holiday, Numerator found the top plans include grilling or barbecuing (56%), attending a public celebration like a parade or fireworks (31%) and hosting others at their home (18%).
When it comes to preparing for those parties, hosts can expect to shell out more, however. According to the American Farm Bureau Federation, the average cost of summer cookout staples is significantly higher.
To feed a group of 10, consumers can expect to pay $71.22 for their barbecue, up 5% from last year and 30% from five years ago.
Of the cookout staples – which include cheeseburgers, chicken breasts, pork chops, potato chips, fresh strawberries, chocolate chip cookies, lemonade, potato salad and ice cream – meat will account for 50% of the total cost, the survey said.
“Fewer cattle are being placed on feed, but more are heading to the grocery store shelves. Fewer cattle also mean there won’t be as much beef available to replace our shrinking supplies in cold storage,” the federation wrote. “Although short-run supply boosts from available cold storage and near-record cattle weights should keep beef prices from skyrocketing, high summer demand for beef and improved drought and forage conditions across the country have given farmers and ranchers a reason to retain breeding animals; when this happens, there will be fewer cattle on feed for beef supplies, further supporting higher beef prices.”
Overall, Americans expect to spend a whopping $9.4 billion on food alone this Independence Day, according to the National Retail Federation. That averages out to about $90.42 on key fixings like beer, beef, soda and lettuce.
Since last year’s celebrations, Wallethub determined that the prices of several barbecue essentials have climbed, including:
Of the 94% of celebrators who are shopping for the holiday, food items (83%) are at the top of the list, Numerator said. After that, alcoholic beverages (48%), non-alcoholic beverages (38%), decorations (24%) and party supplies (21%) are the purchasing priorities, the survey found.
Though beer is the top drink to buy, consumers in the Northeast are more likely to say they’ll purchase wine, according to Numerator.
The majority (63%) plan to buy their goods from grocery stores, like Kroger and Publix. However, shoppers also expect to hit up big box stores like Walmart and Costco or liquor stores, Numerator said.
With 83% of consumers planning to buy food for the holiday, brands and categories typically associated with picnics and cookouts are expected to see the highest boosts in household penetration.
Last year, the top five brands that spiked during the two-week lead-up to Independence Day were Ball Park, Sweet Baby Ray’s, Bush’s Best, Lays and Englewood Cliffs-based Unilever North America-owned Hellmann’s Mayonnaise.
Numerator said the category boosts varied by U.S. region, too. Out West, water and soft drinks are the most popular brands for the holiday period, while in the Northeast mayonnaise is the top boosted category – higher than any other region – followed by whipped toppings and fountain beverages.