All Things Money: Independence Day in the land of the free

Independence Day is the most American day of the year, when we celebrate the Declaration of Independence by the Continental Congress on July 4, 1776. Back then, the Thirteen Colonies became sovereign states and were no longer subject to British colonial rule.

It's been almost a quarter of a millennium since this event took place in the Pennsylvania State House in Philadelphia. Today, this day is commemorated in all 50 states across the nation and globally by Americans all over the world.

But, have you ever stopped to wonder how this celebration boosts our economy? Check out some more insights on how we expect to show our pride for this great nation.

Who celebrates Independence Day?

According to the National Retail Federation's (NRF) Annual 2024 Independence Day Spending Survey, 87% of Americans plan to celebrate the 4th of July this year.

This survey aims to see how consumers celebrate the Fourth of July and has been conducted by Prosper Insights & Analytics since 2003. This year, the study was conducted from June 3rd to June 9th with 8,952 consumers.

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How much are Americans planning to spend on the Fourth of July?

Americans are expected to spend an average of $90.42 to celebrate their nation's independence, amounting to about $9.4 billion in one day.

This is almost the highest the survey has registered, with $9.5 billion being the top planned spending for the celebrations in 2023. 

This amount ranks this celebration in the top 10 money-spending single-day events of the year, according to previous NRF surveys (just above the Super Bowl, another quintessentially American event).

How do Americans plan to celebrate July 4th?

As a summer event, and one in which we love to celebrate the vast benefits of this generous country, most of the celebrations include outdoor activities, such as: 

• 66% doing a cookout, BBQ, or picnic
• 44% attending a fireworks show or a community celebration
• 13% expecting to attend a parade 
• 12% planning on traveling or taking a vacation for the event
• 7% mentioned other ways to celebrate it
• 13% said they were not celebrating (they still had over a month to change their mind after the survey)

What are we buying to celebrate America's birthday? 

Expect to find stars and stripes all over town for this great celebration. According to the NRF's Survey, among those celebrating, 31% of them planned to purchase additional patriotic items. 

Everything from flags to fireworks, shirts, hats, swimsuits, and even trousers—there's no table item you can't find to decorate your meals with stars and stripes. 

Signs, letterboards, pinwheels, napkins, dinner plates, table covers, and paper cups are popular choices, along with balloons of red, white, and blue covering every single inch of them.

Are there special sales for the 4th of July?

Let's be honest, by now there isn't an American tradition without a great discount sale event that comes with it. These are some of the discount events already "in store" ready for the celebrations:

• Home Depot, up to 60% off on patio sets, $850 off on washers & dryers, among other discounts
• Best Buy, up to 50% off
• Pottery Barn, up to 60% off furniture
• Overstock, up to 70% off
• Kohl's, up to 80% off
• Lowe's: up to 40% off appliances, up to 30% off ceiling fans, outdoor & flooring

Be sure to check on availability and discount dates before shopping.

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Conclusion

As we celebrate the Fourth of July, it's clear that Independence Day is more than just a patriotic tribute to our nation's founding—it's a significant driver of economic activity. 

From backyard barbecues to spectacular fireworks, Americans not only honor their heritage but also contribute to a vibrant economic surge that supports businesses big and small across the country. 

So as you wave the stars and stripes this year, remember that each celebration is a testament to both national pride and economic prosperity.