Survey: Consumers bracing for a more expensive Fourth of July
Consumers are adapting to rising prices ahead of Independence Day celebrations.
Almost seven-in-10 (68%) consumers say Fourth of July barbecues are noticeably more expensive to host this year due to inflation (49%) and rising grocery costs (56%), reveals a survey from financial services company Empower. More than half (55%) of those surveyed believe tariffs will make holiday celebrations more expensive.
Nearly four-in-10 (38%) consumers say they'll spend more this year than last on Fourth of July festivities. Nearly two-thirds (62%) said food, groceries or takeout will be their biggest spending category for the holiday, while 28% said fireworks or entertainment, 25% said hosting or attending a party, and 20% said travel or gas.
Nearly two-thirds (65%) of those surveyed by Empower say they are focused on "enjoying the moment" on the Fourth of July, even if it means cutting back elsewhere. While almost half (47%) aren’t worried about the costs of celebrating, 65% say they are prioritizing saving money.
Most Americans (68%) are working to strike the right balance between having fun and staying frugal, with 55% saying they typically set a budget for holiday celebrations. Overall, 39% are skipping most celebrations this year due to cost.
More than four-in-10 (43%) consumers have asked guests to bring food or drinks, a figure that rises to 49% among Gen Zers and 52% among millennials. Nearly six-in-10 (58%) are taking advantage of Fourth of July sales or promotions (64% of millennials) to save money. Thirty-seven percent say they will wait for deal days to make big-ticket buys like mattresses or appliances (49% millennials vs 22% baby boomers).
Nearly one-in-five (19%) consumers are sticking close to home for the holiday to avoid travel costs, while15% are co-hosting celebrations to split expenses.
[READ MORE: Survey: Consumers already seeing prices rise; to cut back this summer]
Empower’s July 4th Spending study is based on online survey responses from 2,200 Americans ages 18+ fielded by a third-party panel provider from June 21- 23. The survey is weighted to be nationally representative of U.S. adults.
