Spending More on the Fourth of July
Americans will be celebrating our nation's independence next Saturday for the Fourth of July!
We'll be celebrating with cookouts, parades, fireworks and more. As we celebrate this momentus occassion, we'll be spending an average 4.2% for our celebrations (according to a report from IBISWorld) over last year.
The major cause of the increase is due to the price of beef for hamburgers for our cookouts. Over the past year beef prices have risen nearly 11%, along with the price of hot dogs and chicken.
On the flip side, though, the price of gas is lower, so more Americans may be traveling during the long holiday weekend.
When it comes to fireworks for our Fourth of July events, we'll be spending around $710 million on the small explosives while generating nearly 90% of the yearly revenue for the industry.
Although we may be spending more for the celebration, it's the meaning behind it that is the most important. We are celebrating the birth of our nation -- our independence! July 4 is a special time for Americans and we celebrate that with our friends and families.
We wish you a Happy Fourth of July and be safe during your celebrations.