Fourth of July spending takes a tumble
The timing of the Fourth of July holiday — it falls on a Wednesday this year — will put a crimp on celebrations and spending this year, but not by that much.
Americans are expected to spend $6.9 billion on food for Fourth of July cookouts and picnics next month, according to the annual survey released by the National Retail Federation and Prosper Insight and Analytics. That’s down from last year’s record $7.1 billion as fewer people say they will turn out for the Wednesday holiday. But it is still the second-highest amount in the history of the survey and per-person spending is up.
According to the survey, over 216 million Americans 87%, plan to observe Independence Day, down slightly from last year’s 219 million, or 88%. Nearly 153 million, or 62%, are planning a cookout or picnic, spending an average of $75.35 per person, a new record topping last year’s $73.42. The numbers cover only food items and not other holiday-related items.
Other Independence Day celebrations include partaking in fireworks or a community celebration, 106 million, and attending a parade, 30 million. Fourth of July is also a popular time for traveling with 31 million planning to head out of town. That’s down from last year’s 33 million and 25% said higher gas prices would affect their plans, but the decline in travel could also be related to the timing of the holiday.
Over a quarter of all Americans plan to buy more patriotic decorations for the holiday this year, according to the survey. Only 27% plan to purchase additional patriotic merchandise, but the number jumps to 44% for those ages 18-24 and declines steadily for older individuals.
Americans are expected to spend $6.9 billion on food for Fourth of July cookouts and picnics next month, according to the annual survey released by the National Retail Federation and Prosper Insight and Analytics. That’s down from last year’s record $7.1 billion as fewer people say they will turn out for the Wednesday holiday. But it is still the second-highest amount in the history of the survey and per-person spending is up.
According to the survey, over 216 million Americans 87%, plan to observe Independence Day, down slightly from last year’s 219 million, or 88%. Nearly 153 million, or 62%, are planning a cookout or picnic, spending an average of $75.35 per person, a new record topping last year’s $73.42. The numbers cover only food items and not other holiday-related items.
Other Independence Day celebrations include partaking in fireworks or a community celebration, 106 million, and attending a parade, 30 million. Fourth of July is also a popular time for traveling with 31 million planning to head out of town. That’s down from last year’s 33 million and 25% said higher gas prices would affect their plans, but the decline in travel could also be related to the timing of the holiday.
Over a quarter of all Americans plan to buy more patriotic decorations for the holiday this year, according to the survey. Only 27% plan to purchase additional patriotic merchandise, but the number jumps to 44% for those ages 18-24 and declines steadily for older individuals.