High gas prices, inflation cut into consumers’ 4th of July plans
Consumers plan on celebrating the 4th of July even as inflation concerns reach a new high, but they are making cutbacks.
That’s according to a survey by data and tech market research firm Numerator which found that most consumers plan to celebrate Independence Day, but 53% expect inflation to have at least a moderate impact on their celebrations. It is the first holiday that Numerator has tracked where the majority of consumers expect at least a moderate (29%) or significant (24%) inflation impact.
The survey found that consumers plan to spend less and purchase items on sale. They also plan to dine out less out and cut back on fireworks.
Highlights from Numerator’s 2022 Independence Day Preview report are below.
• Consumers will buy on sale and use coupons to save. Sixty-two percent of celebrants said they will purchase items on sale to save on their shopping. 37% will prepare more budget-friendly snacks and meals, 36% will use more coupons, 26% will switch to private label/store brands and 25% will shop at dollar or discount stores.
• Dining out, fireworks and meat & seafood top consumer cutback lists. Twenty-nine percent of celebrants will cut back on dining out and fireworks, 25% will cut back on meat or seafood and 24% will cut back on holiday decorations.
• Consumers plan to shop in-store for Independence Day. Eighty-eight percent expect to shop in-store with grocery (68%), mass/big-box (47%) and club stores (32%) as the most popular channels.
• Younger generations prefer Costco.com and Target.com vs. Walmart.com. Gen Z is more than twice as likely to shop at Costco.com, and millennials are 33% more likely to shop at Target.com. Both generations were less likely to shop at Walmart.com.
• Generations plan to celebrate differently. Millennials are more likely to attend/host a party for Independence Day; Gen X is more likely to go out for food or drinks (113), and Boomers+ prefer gathering with family and friends.
• Snacks, meat and produce top shopping lists. Almost all celebrators (95%) plan to purchase something for the holiday, including snacks (60%), meat & seafood (56%), fruits & vegetables (45%) and side dishes (45%).
• Nearly half (45%) of celebrants plan to purchase alcoholic beverages. Beer is the top choice across all age groups (74% of all consumers), but Boomers+ are more likely to buy wine while younger shoppers are more likely to opt for hard seltzers and ready-to-drink (RTD) cocktails.
• The majority of consumers (64%) will spend less than $100 this Independence Day. About a quarter (28%) plan to spend more than $100, with Gen X being the most likely to fall into the high spend group.
Numerator’s 2022 Independence Day survey was fielded 6/7/22 – 6/11/22 to 1,259 individuals.