An estimated $62 million – more than $68 per household – will be spent purely on food items this July Fourth, according to a survey by the National Retail Federation and Proper Insights & Analytics. With 153 million consumers planning to host or attend a cookout, barbeque or picnic, it seems food retailers could see the biggest surge in sales this Independence Day.
What other retailers are expected to get ahead? Looking at the push coming from fashion and apparel retailers, along with home and furnishing stores, these verticals stand to grab a large portion of the shopping dollars.
The competition to get shoppers into the supermarket is stiff with retailers blasting consumers with an omnichannel approach, from traditional supermarket circulars to tweeting recipe ideas – photos of salmon burgers on Whole Food's Twitter feed or grilled corn on Von's feed will make your mouth water.
The U.S. Census Bureau estimates Americans will consume 150 million hot dogs on Independence Day. However, red meat sales will be slightly down as shoppers are opting out due to higher prices. So retailers, think white meat: pork and chicken will gain 3 percent of the market share.
Meanwhile, fashion and apparel retailers are blasting out sales incentives to clear out inventory: Old Navy (NYSE:GPS) has items for as low as $2. Both indoor and outdoor furnishings are being heavily promoted by retailers such as JCPenney (NYSE:JCP), Kmart, Sears (NYSE:SHLD) and Pottery Barn (NYSE:WSM).
Americans are brushing off any pesky news of six-year, record-high gas prices and 32 million are planning on taking a mini vacation. Following this prediction, Orbitz and Hotels.com have ramped up their discounted offers.
However, restaurant chains are not predicted to get a large amount of business as consumers report plans to prepare foods at home or go to a friend's house.
-See this NRF study
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-See this MSN Money article
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