Americans are expected to spend an average of $300 feting the nation’s birthday this year, up from an average of $190 last year, according to a study by Visa – a whopping 58 percent increase.
Spending plans vary by region, with Northeasterners planning to spend the most ($454), followed by Southerners ($339), Westerners ($206), and Midwesterners ($195). Just 12 percent of those surveyed said they wouldn’t celebrate the holiday at all – down from 21 percent last year.
More than 40 percent of Americans planned to buy fireworks this year, spending an average of $28, with men planning to spend twice as much as women.
For many, celebrating Independence Day means getting away, and this year 41 million Americans planned to travel for the holiday, journeying an average of 613 miles, according to AAA.
The Fourth of July represents the busiest summer holiday for travel, since all schools are closed, and this year the holiday will draw 6 million more travelers than Memorial Day. Of those traveling, 34 million plan to drive to their destination, while 3 million will fly. That’s the highest air travel volume since 2009.
To make the most of their travel plans, 66 percent of Americans are taking off from work the Friday after the Fourth this year, in order to make a long weekend out of the holiday, according to Orbitz. The most popular destination for travelers? Orlando, New York, and Las Vegas.
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Prices for hotels this week are up 4 percent from a year ago, with travelers spending an average of $164 per night, while car rental rates are up 29 percent, averaging $58 per day, AAA reports. Airfare rose 6 percent over last year, with an average lowest round-trip rate of $228 for the top 40 U.S. air routes, compared to $215 last year.
On Tuesday, gas prices were averaging $3.48 per gallon, 4.6 percent higher than the same time last year, but 3.8 percent less than a month ago.
Whether they travel or not, 70 percent of Americans – or 164 million people – planned to attend a barbecue, cookout or picnic, and 117 million said they’d hit up the nearest community fireworks event, according to a survey by the National Retail Federation.
The cost of a low-key picnic for 10 people costs less than $60 (not including alcohol), according to a study by the American Farm Bureau Federation. “For many of us, nothing says the Fourth of July more than firing up the grill to prepare a meal,” AFBF deputy chief economist John Anderson, said in a statement.
Shoppers on the lookout for deals should check out summer items while they’re still in season, according to DealNews. The site reports that consumers will find good prices this week on things like gas grills and summer clothing.
