After a winter that felt like it would never end, Memorial Day weekend is finally here, and it’s bringing the heat. In addition to the rising temperatures, consumer spending is up! We did the research, so you don’t have to. Keep reading to learn who, what, where, and most importantly, how much consumers are spending this Memorial Day weekend.
TRAVEL
Even though gas prices are the most expensive they’ve been in 4 years, the number of Memorial Day travelers are predicted to be the highest in 12 years. An estimated 41.5 million Americans—5% more than in 2017— plan to travel this Memorial Day weekend. 88% plan to travel by car, 7.5% plan to fly, and 4.3% will be taking another form of transportation such as a train or bus. While travelers may be spending more on gas, their wallets are getting a break when paying for airfare, car rentals and hotel stays. According to AAA’s Leisure Travel Report, airfares are 7% lower than last Memorial Day, with an average price of $168 for a round-trip flight. At $59 a day, car rental rates are the lowest in 4 years, and hotel rooms are 14% less expensive than in 2017, with the average rate $186 per night. For the second year in a row, Orlando is the top Memorial Day destination in the U.S., with Seattle, Hawaii, Las Vegas, and Alaska following.
CELEBRATIONS
Many Americans view Memorial Day weekend as the unofficial start to summer, and what’s more summery than a barbecue? According to WalletHub, 60% of Americans plan to grill this Memorial Day weekend. Last year, beef sales generated $778 million, followed by chicken with sales of $362 million, and pork came in third at $207 million. Memorial Day has the second highest beer revenue (Fourth of July is the first), fourth most important holiday for spirits sales, and seventh in wine earnings.
RETAIL
According to new research from Vistar Media, 8 in 10 U.S. adults plan to spend an average of $486 this holiday weekend, with men looking to spend an average of $608, compared to women’s $398. This is almost a 50% increase from AAA’s 2016 report where the average spend was $340 per person. Good news for brick-and-mortar stores: 93% of consumers plan to do some in-store shopping, with 50% planning to shop solely or mostly in-store, while a mere 7% plan to shop mostly or only online. Additionally, apparel, department, and electronic stores are the top categories where consumers are looking to spend.
Check out our infographic below for even more information!
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