An estimated 84 percent of Americans are planning to celebrate the Fourth of July this year and collective food spending for the holiday could reach $7.7 billion. In advance of the observance, the personal-finance website WalletHub released its report on 2022’s Best & Worst Places for 4th of July Celebrations.
To determine the best places to celebrate the most star-spangled occasion, WalletHub compared the 100 largest U.S. cities based on how well they balance holiday cost and fun. The data set of 21 key metrics ranges from average beer and wine prices to duration of fireworks shows to the Fourth of July weather forecast.
San Francisco was listed as the best city to enjoy a Fourth of July celebration, coming in at number one. Los Angeles was number two, followed by Washington, DC; Atlanta, GA; Las Vegas, NV; New York, NY; San Diego, CA; Seattle, WA; Orlando, FL; and, rounding out the top 10, New Orleans, LA.
Ranked from number 11 to number 20 were: Miami, FL; Houston, TX; Chicago, IL; San Antonio, TX; Milwaukee, WI; Cincinnati, OH; Dallas, TX; San Jose, CA; Sacramento, CA; and St. Louis, MO.
To view the full report, visit: https://wallethub.com/edu/best-4th-of-july-celebrations/4651
Fourth of July Facts & Figures
• $7.7 Billion: Amount Americans plan to spend on 4th of July food.
• 150 Million: Number of hot dogs eaten each 4th of July.
• $1.4+ Billion: Amount Americans plan to spend on 4th of July beer and wine.
• $2.4+ Billion: Estimated amount spent on fireworks in 2021 (66 percent of fireworks injuries occur within a month of July 4).
• $6.9 Million: Value of American flags imported annually.
• 47.9 Million: Number of people who travel 50+ miles from home for the 4th of July.
To view the full infographic, visit: https://wallethub.com/blog/4th-of-july-facts/22075
Survey Key Findings
• Inflation is hurting celebrations; 57 percent of Americans say that inflation is affecting their 4th of July plans.
• Americans support USA goods; 65 percent of Americans say they make an effort to buy things made in the USA.
•Financial independence is shaky. Only 56 percent of Americans feel financially independent this 4th of July.
• Summer spending is down overall. More than half of Americans will spend less money this summer than last year.
• Saving vs. spending; 64 percent of Americans believe saving money is more patriotic than spending it.
For the complete survey results, visit: https://wallethub.com/blog/4th-of-july-survey/75815
Q&A with WalletHub analyst Jill Gonzalez
How has inflation impacted Americans’ plans for this 4th of July?
Two-thirds of Americans plan to spend less money on the 4th of July this year compared to last year, despite there being far fewer restrictions on gathering. A big reason for this decrease in spending is rising inflation, which is causing Americans to make fewer non-essential purchases related to the holiday and to travel less. In fact, 57 percent of Americans say that inflation is affecting their 4th of July plans.
How do Americans feel about their finances this 4th of July?
Unfortunately, only 56 percent of Americans feel financially independent this 4th of July, compared to 64 percent last year. The country has recovered from the worst of the COVID-19 pandemic in many ways, including bringing the unemployment rate close to pre-pandemic levels, but rising inflation is threatening to undo a lot of our recovery progress.
This 4th of July, how do Americans feel about spending versus saving money?
Around 64 percent of Americans believe that saving money is more patriotic than spending it right now, which makes sense because many people had their savings wiped out by the pandemic. In addition, people have seen the impact of inflation and know that they should have some cash reserves to deal with it. People who rebuild their savings can be less reliant on support from the government, which frees up more resources for the country to use for other important things, like public health and infrastructure. Spending money can also be patriotic, though, because it stimulates the economy and helps the country grow.
Will lower spending continue throughout the summer?
Around 51 percent of Americans say they will spend less money this summer compared to last year. That’s lower than the percentage of people who plan to spend less this 4th of July, at 66 percent, but it’s still substantial. As long as inflation keeps rising, we should expect people to cut back on their spending and travel plans.
