As we approach the Fourth of July, people are stocking up on fireworks and revving up their barbecue pits. Has anyone stopped to think about how much this costs? Compared to a decade ago, there was over a 30% in costs for a 10-person BBQ, according to Rabo AgriFinance.
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MarketWatch reported that in just the past year, prices on many items have risen. Beef is up 7.3%, lettuce 6.2%, tomatoes 6.8%, bread 4.4%, pickles 3.6% and chips 1.3%. Separate from the food, soft drinks and beer have increased in price as well.
For the most part, the increases in price this year have been the result of supply-side setbacks.
Now there are ways that consumers can still BBQ while saving money, the most obvious being potentially sacrificing on quality and moving to a lower price range. Other options include switching up the menu to less expensive meats relative to your region. Do not discount the dollar store. Generally speaking, there are better deals on plasticware, napkins and plates than one would normally see in a grocery store.
According to the National Retail Federation, over 156 million Americans will be celebrating the Fourth of July, with the average household spending about $71. This brings about a grand total of $6.6 billion spent on barbecue. In 2014, households spent an average of $68.16.
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Mathew Shay, National Retail Federation president and CEO, said:
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.
Separately, the National Retail Federation survey found 42.6% — 103 million celebrants — will attend a fireworks display or community celebration, and 11.5% — 27 million of those celebrating — will watch a parade. The holiday weekend is also a popular time for travel and vacations, as more than 33 million Americans say they will head out of town.
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