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July 4 Spending to Remain Flat

July 4 Spending to Remain Flat

Independence Day spending is expected to remain flat this year with total spending expected to reach an estimated $6.8 billion, according to the National Retail Federation.

Consumers are expected to spend an average of $71.43 per household this Independence Day.

Independence Day spending is expected to remain flat this year with total spending expected to reach an estimated $6.8 billion, according to the National Retail Federation.

The findings are part of a July 4 spending survey conducted by Prosper Insights and Analytics.

Despite more Americans celebrating the holiday, the survey found that consumers will spend an average of $71.34 per household on food for barbecues and picnics, essentially unchanged from last year’s $71.23.

Of those surveyed, 65 percent plan to attend a cookout/barbecue/picnic while 43 percent will watch fireworks or joint another community celebration and 12 percent will attend a parade.

The survey also found that nearly two-thirds of American families own a U.S. flag, half own patriotic-themed apparel and a third own patriotic decorations. However, 25 percent said they plan to purchase more of these items in anticipation of the holiday.

Additionally, the weekend is a popular time for travel and vacations with 12.7 percent, or 31 million, saying they will travel out of town. With gas prices relatively low, only 21 percent said gas prices will affect their travel plans, which is down 22 percent from last year.

“Americans are ready to kick-start summer by enjoying Independence Day with family and friends,” says Matthew Shay, president and chief executive officer, NRF. “Whether it’s low gas prices or just good weather, more people plan to celebrate this year, and that means more shoppers are online and in stores as they prepare for the festivities.”

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