The Fourth of July is truly one bright and joyful day where all Americans celebrate Independence Day with delicious food and sparkling fireworks. The day is incomplete without barbecues, parades, backyard celebrations, unlimited shopping and a scintillating display of fireworks. Here is a glimpse of how much money Americans spend on the Fourth of July and why Independence Day is an expensive affair in the US.
Before you jump in, here are some ways to celebrate the Fourth of July on a budget and how to gain financial freedom this Independence Day.
Hotdogs, Hamburgers and BBQ
The Fourth of July is undoubtedly the day for barbecues. In 2019, Americans spent $6.7 billion on food. The average amount of money per person was $73.33. And guess what? Barbecues, picnics, and cookouts were the most prevalent Fourth of July activities (61%).
Men Spend More Money on Food
Every year, both men and women plan to celebrate the Fourth of July, but men have been found to spend $78.68 on food and women spend only $68.20 for the holiday.
Gen X and Gen Y
Americans between the ages of 35 to 44 spent the most money on food, compared to other generations. Americans above the age of 65 spend the least.
Famous Hot Dog-Eating Competition
You would have heard about The Nathan’s Famous hot dog eating contest that is held every Fourth of July. It’s an iconic American tradition where people come from all over the country travel to win the title and prize money of $10,000 for first place; $5,000 for second place; $2,500 for third place; $1,500 for fourth place; and $1,000 for fifth place participants.
Wavin’ Flags
The United States imports enormous numbers of red, white, and blue flags for the Fourth of July. In 2016, nearly $5 million worth of American flags were imported. The most popular buyers of flags are businesses.
Fireworks Shoot Across the Sky
The fireworks industry is booming. Consumer fireworks revenues increased from $407 million in 2000 to $945 million in 2018. And in 2019, Americans spent at least $1 billion on fireworks just on the Fourth of July.
Macy’s Fireworks Show
The Macy’s fireworks show on the Hudson River in New York City is the most fabled Independence Day activity. Macy’s fireworks is the biggest Independence Day show in the United States. It is broadcast live on TV for two hours. The show includes famous, celebrated, and prominent musicians, singers, and entertainers. In 2019, the fireworks cost around $6 million.
Venues Require Insurance Coverage for Fireworks Shows
Nearly all cities in the United States host large-scale fireworks shows. But nearly all venues demand that fireworks shows must have general liability insurance adequately needed to cover claims. Some states have minimum requirements as well. Usually, the minimum coverage of large-scale fireworks shows like Macy’s display is $5 million.
$1 Billion on Beer
Independence Day is one of America’s major spending holidays, along with Super Bowl Sunday and St. Patrick’s Day, where there is a lot of drinking. US adults spend nearly $1,000,000,000 on beer alone. Including wine, the total amount is about $1.6 billion.
Read related blog: 10 Ways to Celebrate the Fourth of July on a Budget
Conclusion
Independence Day, or the Fourth of July, is arguably the most favorite holiday of Americans. While historically it commemorates when and how America achieved its independence from British rule, today, the day is filled with color celebrations, food and music. No Fourth of July celebration is complete without a massive display of fireworks across different areas. Another important 4th of July tradition is spending time with people you love the most. There are various ways to spend the day, however, the best is to celebrate it with someone special by your side. Also, Beem can help you plan your holiday budget better. Check out Better Financial Feed ™ to plan and protect your money like an expert with important financial insights and suggestions.
