Fourth of July spending is projected to increase 58 percent over last year.
Independence Day spending fizzled last year; but according to one survey of consumer spending trends, more Americans plan to party like it’s 1776.
Fourth of July spending is projected to increase 58 percent, with revelers planning to spend an average of $300, according to an annual survey by Visa. That’s up from an average of $190 last year. The survey also found that more Americans will be getting into the spirit. Only 12 percent of respondents said they did plan to spend anything on the Independence Day holiday, a drop from 21 percent last year.
Which region can take holiday spending bragging rights? The Visa survey forecasts that Northeasterners will spend the most ($454), followed by Southerners ($339), Westerners ($206) and Midwesterners ($195),
But Midwesterners, along with their Southern compatriots, pick up the slack when it comes to buying fireworks. Not hampered by as many legal restrictions or the limited access, they are forecast to spend twice as much on fireworks as those in the Northeast and the West. And men, the Visa forecast of Fourth of July consumer spending trends reports, plan to spend more than twice what women plan to spend on fireworks.
Those looking to spend a frugal Fourth should find activities in their own backyard (or perhaps their friends’ or neighbors’) A record number of Americans (seven-in-ten, or more than 164 million people)e will be attending a Fourth of July barbeque, cookout, or picnic, while 117 million will attend a local fireworks show, according to a recent Independence Day survey released by the National Retail Federation. Thirty-eight million plan to attend a parade. ,
This survey finds spending on patriotic items flagging. Forty-two percent of respondents said they would not be purchasing additional patriotic merchandise in anticipation of the holiday. Still, 142 million said they already own a flag, and nearly half said they already own star-spangled clothing such as a patriotic t-shirt or hat.
Related story: Economic challenges can’t cloud Fourth of July celebrations. Click here to read more.
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.