As Covid-19 restrictions continue to ease and more and more things open up throughout the country, Americans are gearing up for an exciting Fourth of July.
Last year, only 76% of Americans said they planned to celebrate the holiday, according to the National Retail Federation’s Independence Day Data Center. But this year, 86% plan to celebrate.
Personal finance website WalletHub looked at how much Americans are planning to spend on Independence Day celebrations this year as many make up for last year’s subdued celebrations. Here’s where their money is going.
The main way Americans are expecting to spend the holiday is at cookouts, barbecues and picnics, according to the NRF, so it makes sense that the largest share of spending by consumers will be on food items. Americans are expected to spend an estimated $7.52 billion this year, up from last year’s $6.52 billion.
On average, each person will spend about $80.54 on food items, the highest amount since 2014, NRF data shows.
Americans are also set to spend over $1.4 billion on beer and wine this Fourth of July, according to WalletHub.
That’s nearly as much as the $1.6 billion Americans spent on beer and wine in 2019.