In the barbecue economy, life is good.
More Americans grill out on today’s Independence Day holiday than any other day of the year, and this time beef and supply companies are getting a three-fer because it’s a Wednesday.
“It’s a really good thing for them because they catch the weekend before, catch the day of and catch the weekend after,” Ryan Turner, a risk manager at INTL FCStone, told Bloomberg.
The retail price of beef jumped to a record in May, and the cost of a basket of seven items like American cheese, iceberg lettuce and potato chips rose 1.8 percent from last year, according to Bloomberg’s Tony C. Dreibus.
The National Retail Federation says 64 percent of Americans celebrate with cookouts or picnics.
In addition to the price of the food being up, people are generally spending more on their parties. The average U.S. adult shelled out $61.16 on his or her July 4 barbecue last year, up 12 percent from 2010. Total cookout spending is about $2.3 billion, according to the retail trade group.
Check out the Bloomberg.com slideshow on the Real Cost of July 4, everything from flags to picnics.