Three-fourths of Affluent Americans plan to salute America’s independence by attending a picnic or barbeque with family or friends
Retailers, fireworks organizers and purveyors of grillable goods can take heart that Affluent Americans are patriotic and more willing to celebrate the Fourth of July than they are other holidays, according to consumer spending trends tracked by Spectrem’s Millionaire Corner.
America’s Affluent can be somewhat holiday poopers when it comes to days of celebration not tied in to religious observance, family or loved ones.
On New Year’s Eve, for example, they are three times more likely to go to bed early and start the New Year refreshed than they are to go to a party. Only ten percent planned to don a costume for Halloween, and beyond perhaps wearing green, they were similarly not inclined to be in a party mood for St. Patrick’s Day, Millionaire Corner research finds
But it’s a different story when it comes to saluting the red, white and blue. Eighty-six percent of Affluent Americans surveyed by Spectrem’s Millionaire Corner plan to celebrate the Fourth of July. Millennials, Gen Xers and late Baby Boomers age 50 are even more enthusiastic about Independence Day. Nine-in-ten said they plan to celebrate.
Three-fourths of Affluent Americans plan to salute America’s independence by attending a picnic or barbeque with family or friends (Americans will spend an estimated $6.2 billion on food for the Fourth, according to the National Retail Federation in its first-ever holiday consumer spending trends survey about food purchases)
Half of Affluent Americans plan to attend a public display of fireworks. Parades, though, are not on the itinerary for the vast majority of Fourth of July celebrants. Only 13 percent said they plan to watch one. Nor do they plan to spend significantly on fireworks. Eight-in-ten said they spent nothing on sparklers and noisemakers.
Affluent Americans’ affinity for the Fourth of July is perhaps tied in to the holiday’s celebration of the principles that many believe are at the heart of their financial success. The highest percentage of Millionaires (28 percent) firmly believe that anyone can become successful in America if they work hard, according to a 2012 Millionaire Corner study of Affluent households. Nine-in-ten of wealthy Americans credit hard work as the key factor in wealth creation.
The American Dream is an even bigger source of inspiration among non-Millionaires who aspire to greater success. That is perhaps why, according to the Millionaire Corner survey, you are more likely to find them watching Fourth of July parade or fireworks displays than their wealthier counterparts,
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.