Good news for food and party goods retailers: Consumers will be celebrating the July 4th holiday by firing up their barbecues over the long weekend.
More than 153 million Americans will spend their weekend grilling, spending an estimated $6.2 billion on total food consumption, according to the National Retail Federation (NRF) 2014 Independence Day Survey, conducted by Prosper Insights & Analytics. Each household will spend approximately $68.16 to stock up on burgers, snacks, sodas, and more, for the occasion.
Beyond their own festivities, Americans celebrating Independence Day plan to attend fireworks shows (105 million) and parades (27 million).
But an all-time high number of consumers will be hitting the road for a vacation during the holiday weekend, with approximately 13.7% of all respondents (32 million) planning to leave town. Despite volatile gas prices, more than 70% of consumers said that gas prices would not affect their holiday spending, compared to 65% in 2013.