Get ready to pull out your wallets — this Fourth of July weekend is going to be an expensive one.
According to a study done by the National Retail Federation, Americans are expected to spend about $7.1 billion on cookouts and picnic food this weekend, up from $6.8 billion in 2016.
To bring that into perspective, that’s equivalent to about 295.8 million hot dogs (assuming an average price of about $3 for a packet of eight) or 11.8 million cans of beer (assuming an average price of $20 for a 30-pack).
According to the Federation, about two-thirds of the population surveyed said they would take part in a cookout or picnic this weekend and spend an average of $73.42 per person.
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In another interesting tidbit, about 27.6 percent surveyed intended to buy “patriotic merchandise” such as flags or red-white-and-blue clothing for the holiday, while 38.5 percent said they would not. The remaining 34 percent were unsure.
It also found that 65 percent of consumers already own a U.S. flag, 53 percent own patriotic-themed clothing like T-shirts, bathing suits or shoes, and 40 percent own patriotic decorations.