Survey: Most Americans say inflation is affecting their 4th of July plans

With 87% of Americans planning to celebrate the 4^th of July this year and collective food spending for the holiday to reach $9.5 billion, the personal-finance website WalletHub recently released its report on 2023's Best and Worst PLaces for the 4th of July celebrations.

To determine the best places to celebrate the most star-spangled occasion, WalletHub compared the 100 largest U.S. cities based on how well they balance holiday cost and fun. The data set of 18 key metrics ranges from average beer and wine prices to duration of fireworks shows to the Fourth of July weather forecast.

To view the full report and your city's rank, please visit: https://wallethub.com/edu/best-4th-of-july-celebrations/4651

4th of July Facts & Figures

• $9.5 Billion: Amount Americans plan to spend on 4^th of July food.
  
• 150 Million: Number of hot dogs eaten each 4^th of July.
  
• $3 Billion: Amount Americans plan to spend on 4^th of July beer and wine.
  
• $2.7 Billion: Estimated amount spent on fireworks in 2022 (74% of fireworks injuries occur within a month of July 4).
  
• $6.5+ Million: Value of American flags imported annually.
  
• 50.7 Million: Number of people who travel 50+ miles from home for the 4^th of July (up 4% over 2022 and setting a new record for the holiday).

To view the full infographic, please visit: https://wallethub.com/blog/4th-of-july-facts/22075

Survey Key Findings

• Inflation is hurting celebrations. 57% of Americans say that inflation is affecting their 4^th of July plans.
  
• Financial independence is shaky. 63% of Americans feel financially independent this 4^th of July.
  
• People think credit access is essential. 61% of Americans say that access to credit should be a basic American right.
  
• Americans support USA goods. 76% of Americans make an effort to buy things made in the USA.
  
• Many people desire credit card freedom. 62% of Americans wish they could claim independence from their credit card.
  
• Charitable giving is patriotic. 26% of Americans think donating to charity is the most patriotic financial activity, closely followed by paying taxes (24%) and saving money (16%).

For the complete survey results, visit:
https://wallethub.com/blog/4th-of-july-survey/75815

Q&A with WalletHub

How has inflation impacted Americans' plans for this 4^th of July?

"Around 62% of Americans plan to spend less money on the 4^th of July this year compared to last year, which shows that many people are cutting back and having less lavish plans. For example, people might choose not to have a cookout due to high meat prices, or might choose to celebrate at home rather than spending money to visit relatives," said Jill Gonzalez, WalletHub analyst. "In fact, 57% of Americans say that inflation is affecting their 4th of July plans."

How do Americans feel about their finances this 4^th of July?

"Unfortunately, only 63% of Americans feel financially independent this 4^th of July. Although that is a step up from the 56% who felt financially independent last year, there is still a significant portion of the population lacking financial freedom," said Jill Gonzalez, WalletHub analyst. "The country has recovered from a lot of the financial damage done by the COVID-19 pandemic, especially when it comes to employment, but high inflation and the potential of a recession have continued to make life difficult for many Americans."

How do Americans view patriotism through the lens of their finances?

"Around 26% of Americans believe that donating money is the most patriotic financial activity. Patriotism is all about expressing love for one's country and the people within it, and one of the best ways to show love for your fellow citizens is to aid them in times of need. Paying taxes, which helps keep infrastructure, social programs and defense in place, ranks as the second most patriotic financial activity, with 24% of people choosing it as the top option," said Jill Gonzalez, WalletHub analyst. "Around 16% of Americans say the top way to show patriotism with your finances is saving money. People who rebuild their savings are often less reliant on government support, which allows the country to use more resources for other important things, like public health and infrastructure."

Would making access to credit a basic American right be a popular decision?

"Roughly 61% of Americans say that access to credit should be a basic American right. Proponents of such a right argue that expanding credit access can help less fortunate people gain a path out of poverty, while opponents argue that it can lead to deeper financial problems like excessive debt. Regardless of what laws may or may not be put in place in the future, credit use is already very widespread, with more than 8 in 10 U.S. adults reporting that they have at least one credit card," said Jill Gonzalez, WalletHub analyst. "People who find it difficult to get access to credit can still pursue options like secured credit cards and secured loans, which have relatively low approval criteria because they require collateral."