As Statista's Martin Armstrong shows in the chart below, using data from the National Retail Federation, Fourth of July spending on food is expected to have risen to a record $9.5 billion this year.
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Based on its annual survey of U.S. consumers, having a cookout is the most popular way of celebrating Independence Day, with 65 percent saying they will host or participate in one (or a BBQ or picnic).
In 2014, total spending was estimated at just $6.3 billion, and this year's 23 percent year-over-year increase is the largest on record - even larger than that observed in the first pandemic recovery year. While inflation is cooling, higher prices are clearly fueling spending this year. With 87 percent of respondents saying they were going to celebrate this year, an average of $93.34 is forecast to be spent per person on food, up from $84.12 last year.
