The Hot Dog Economy
In honor of Independence Day, StatsBee is looking at the great American traditions of barbecues and consuming hot dogs. New York City is well-known for its love of hot dogs, from the sight of street carts selling them at nearly every corner, to the nationally-televised Nathan’s Hot Dog Eating Contest in Coney Island.
According to the National Retail Federation, this year 68% of Americans plan to celebrate the 4th of July by grilling or attending cookouts, which is an even greater share than those who will be watching fireworks (49%). While few people in the City have access to the luxury of a yard in which to grill, the Parks Department has 56 designated barbecuing areas for public use (more than half of which are in Brooklyn and Queens). We also know that plenty of New Yorkers will be utilizing their rooftops and other urban spaces for their barbecues.
How does this relate to the economy? Well, if you’re planning to have hot dogs, you will be spending 6% more on the frankfurters and 3% more on bread this year than last – which was above overall inflation of 1.7%. On the bright side, the price of relish is down 1.5%, while ketchup and mustard are down 0.4% from last year.