NRF: July 4 spending looks bright

WASHINGTON, D.C. — Americans are feeling patriotic as July 4 approaches, and they are putting their wallets where their feelings are. According to the National Retail Federation 2015 Independence Day Survey conducted by Prosper Insights & Analytics, more than 156 million consumers, or 64% of those celebrating, are planning to take part in the July 4 holiday by attending a cookout, picnic or barbecue, spending an average of $71.23 per household, up 4% from $68.16 in 2014.



Total spending on food items for the holiday is estimated to reach $6.6 billion.



More than 48 million consumers (23%) will shop for holiday merchandise such as decorations and apparel.



When asked about the impact gas prices will have on their spending, nearly eight-in-10 (78%) consumers say that the price of gas will not impact their spending for the holiday weekend, up from 70% who said so in 2014.



“The busiest half of the year for retailers is about to begin, and with economic conditions swaying in consumers’ favor more so this year than last, many seem eager to take advantage of retailers’ promotions,” said NRF president and CEO Mathew Shay.