For Immediate Release: June 27, 2018
With the holiday landing in the middle of the week, consumers won’t be spending quite as much on food as last year, however 2018 spending is still expected to be 2nd highest on record
TALLAHASSEE, FL – The Florida Retail Federation (FRF), the state’s premier trade association celebrating more than 80 years of supporting Florida’s retail industry, expects spending on food for Fourth of July cookouts and picnics to be down slightly this year due to the holiday falling on a Wednesday and fewer consumers free to celebrate. However, the total spending nationally of $6.9 billion is still the second-highest on record and per person spending of $75.35 is a new record.
“The Wednesday timing of Fourth of July will unfortunately mute some of the parties and festivities that typically surround this holiday, but total spending on food will remain near record levels, which is great news for Florida retailers,” said FRF President/CEO R. Scott Shalley. “Florida historically follows or exceeds the national estimates, and with our economy strong and consumer confidence high, this should still be a fruitful holiday for retailers.”
Americans are expected to spend $6.9 billion on food for Fourth of July cookouts and picnics next month down slightly from last year’s record of $7.1 billion as fewer people say they will turn out for the Wednesday holiday, according to an annual survey by FRF’s national partners at the National Retail Federation.
According to the survey, over 216 million Americans (87 percent) plan to observe Independence Day, down slightly from last year’s 219 million (88 percent). Nearly 153 million (62 percent) are planning a cookout or picnic, spending an average of $75.35 per person, a new record topping last year’s $73.42. (The numbers cover only food items and not other holiday-related items.)
Other Independence Day celebrations include partaking in fireworks or a community celebration (106 million) and attending a parade (30 million). Fourth of July is also a popular time for traveling with 31 million planning to head out of town. That’s down from last year’s 33 million and 25 percent said higher gas prices would affect their plans, but the decline in travel could also be related to the timing of the holiday.
The survey found that 62 percent of consumers already own an American flag, 51 percent have patriotic apparel such as a T-shirt or hat, and 38 percent own decorations. Overall, only 27 percent plan to purchase additional patriotic merchandise, but the number jumps to 44 percent for those ages 18-24 and declines steadily for older individuals.
The survey of 7,199 consumers was conducted June 5-13 and has a margin of error of plus or minus 1.2 percentage points.
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide one out of every five jobs in the state, pay more than $49 billion in wages annually, and collect and remit more than $20 billion in sales taxes for Florida’s government each year.
ABOUT THE NATIONAL RETAIL FEDERATION
The National Retail Federation is the world’s largest retail trade association. Based in Washington, D.C., NRF represents discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private-sector employer, supporting one in four U.S. jobs — 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.