Consumer Watch: Are you spending more than average on Fourth of July?
OKLAHOMA CITY (KOKH) —
Total Fourth of July spending food spending will be an estimated 6.9 billion dollars. That kind of money will buy you a lot of hot dogs. Those numbers might sound impressive, but Americans are expected to spend less on the holiday this year.
Spending projections from the National Retail Federation say they know what could be behind the slump. This year, the fourth of July is in the middle of the week, and that makes taking a long weekend difficult, and will likely affect spending.
Cookouts, family time, and fireworks are all staples for Americans as they let freedom ring. The National Retail Federation is projecting a dip in spending this year. Last year total spending landed at about 7.1 billion bucks. This year, it's looking to round out at about 6.9 billion.
A total of 9 out of 10 adults do plan to celebrate, which, again, is like last year, but those celebrating do plan on spending a little more than 75 bucks. Most of that money will be spent on food for cook outs and only a fraction will be spent on travel.
The current high price of gas is likely having an impact on travel this Fourth of July. It also seems that young people will be doing the most celebrating, with 93-percent of people between 18 and 24 years old most likely to celebrate on Wednesday.
Fourth of July might fall mid-week this year, but that doesn't mean you’ll be missing out on any sales. If you are shopping for something special, discounts will likely go through the weekend.