Inflation Concerns Reach New High at 53% of Consumers; Dining Out and Fireworks Top Cutback Lists
CHICAGO, June 27, 2022 (GlobeNewswire) – Numerator, a data and tech company serving the market research space, has published a 2022 Independence Day Preview report to identify how consumers plan to shop and celebrate the 4th of July as inflation impacts their plans. Overall, while most consumers plan to celebrate Independence Day, the majority now expect at least a moderate inflation impact and plan to spend less, purchase items on sale and cut back on dining out and fireworks.
Inflation Impact Findings Include:
- 53% of consumers expect inflation to impact their Independence Day plans. This is the first holiday that Numerator has tracked where the majority of consumers expect at least a moderate (29%) or significant (24%) inflation impact.
- Consumers are cutting back on travel and spending due to inflation. 39% plan to buy fewer items this 4th of July than in previous years, and 27% said they will travel less due to the increase in gas prices specifically.
- Consumers will buy on sale and use coupons to save. 62% 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. 29% 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.
Celebration and Shopping Plans Include:
- Grilling remains the most planned activity. 60% of consumers plan to grill and 53% plan to gather with family and friends, though both activities lost celebrants vs. last year (-5 points and -12 points, respectively).
- Generations plan to celebrate differently. Millennials are more likely to attend / host a party for Independence Day (Index 112 vs all consumers); Gen X is more likely to go out for food or drinks (113), and Boomers+ prefer gathering with family and friends (109).
- 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.
- Among those consumers planning to buy hard seltzers or RTD cocktails, over two in five (43%) plan to buy Mike’s Hard, followed by White Claw (34%), Truly (32%), Bud Light Seltzer (16%), Jose Cuervo (14%), High Noon (14%), and Topo Chico (8%).
- Consumers plan to shop in-store for Independence Day. 88% 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 (Index 259) 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.
- 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 (Index 117).
Numerator’s 2022 Independence Day survey was fielded 6/7/22 – 6/11/22 to 1,259 individuals.
About Numerator:
Numerator is a data and tech company bringing speed and scale to market research. Numerator blends first-party data from over 1 million US households with advanced technology to provide 360-degree consumer understanding for the market research industry that has been slow to change. Headquartered in Chicago, IL, Numerator has 2,000 employees worldwide; 80 of the top 100 CPG brands’ manufacturers are Numerator clients.
