Americans will spend more on Fourth of July this year as cookout costs rise

While some are already planning ahead to Halloween, many consumers over the next week will be stocking up for their Fourth of July celebrations.

The percentage of consumers planning to celebrate the day ticked up from 86% to 87% this year, according to the National Retail Federation (NRF). Consumers’ projected spend on food for Independence Day celebrations is also projected to rise after two years of declines, jumping 5.6% YoY to $9.4 billion, per NRF, with per person spending anticipated to notch up from $92.44 to $94.41.

That jump comes as the prices for many summer grilling staples climb. The American Farm Bureau Federation (AFBF) reported this week that cookout costs for 10 people have increased 4% YoY to hit $73.82—the highest price in 10 years—according to its annual Summer Cookout Cost Survey.

Some notable increases from last year include two pints of strawberries, up 12.4% YoY; hamburger buns, climbing 7.7%; two pounds of ground beef, 5.5% higher than last year; and a half-gallon of ice cream, jumping 5.3%.

One bright spot: Potato salad ingredients fell 17.8%, thanks to lower egg and potato prices. Another, for those of us in the Northeast: The region is the cheapest location to buy cookout fare this year, at $71.35 per 10 people, followed closely by the Midwest ($71.45), and South ($72.08), AFBF found. The West proved to be the most expensive location, at $80.

Looking ahead: Between America’s 250th anniversary and the FIFA World Cup, consumers are booked and busy—and spending a little extra—this summer. In addition to Fourth of July spending, Americans will spend $10.8 billion on the World Cup, per the NRF. That could spell a bit of trouble for retailers in the coming months, NRF Chief Economist Mark Mathews said this week.

“With consumers paying high prices for tickets, lodging, and gas prices, retail goods might come under pressure as we get deeper into the summer,” Mathews said in a statement. “Given that wage growth has dipped below the rate of inflation, the consumer might have to start making difficult choices about how to spend their hard-earned dollars in the fall.”