Expect to shell out more cash for your Fourth of July cookout this year.
A combination of factors is contributing to the increased spending, according to the report:
- Americans have more disposable income and consumer confidence than in previous years.
- The holiday falls on a Saturday, meaning more Americans will travel out of town or host large parties.
- The price of picnic food has increased about 3.2 percent.
The highest jump comes from hamburger patties, which now cost an average of $4.68 per pound, an increase of 10.8 percent from 2014.
Americans will also pay more for hot dogs — according to the National Hot Dog and Sausage Council, 150 million hot dogs were consumed during the holiday last year — which are predicted to increase in price by 5.8 percent.
The Fourth of July weekend is an important time for beer manufacturers, who sold 22.8 million cases of beer last year, according to the release. The price of a 16-oz. beer is expected to increase 2.6 percent to $1.22.
Check out the chart from IBISWorld below, and budget for your Fourth of July picnic accordingly.
|PICNIC FOOD||PRICE IN JULY 2010||PRICE IN JULY 2014||PRICE IN JULY 2015||CHANGE 14/15|
|Sandwich cheese (per lb)||$4.63||$5.56||$5.35||-3.7%|
|Ice cream (per ½ gal)||$4.43||$4.72||$4.51||-4.4%|
|Beer (per 16 oz)||$1.18||$1.19||$1.22||+2.6%|
|Ground beef (per lb)||$3.23||$4.22||$4.68||+10.8%|
|Potato chips (per lb)||$4.66||$4.31||$4.34||+0.8%|
|Chicken breast (per lb)||$3.31||$3.44||$3.56||+3.3%|
|Hot dogs (per lb)||$3.32||$3.85||$4.07||+5.8%|
IBISWorld doesn’t think the higher prices will stop Americans from celebrating the holiday with classic cookout foods. The release predicts Americans will spend $6.7 billion on food for the holiday, up from $6.3 billion spent in 2014.
What’s on your Fourth of July grocery shopping list, Michiana?