June 20, 2013
Independence Day is quickly approaching and according to an annual survey by Visa, Fourth of July spending will be up 58%. This year, the Visa survey found that respondents planned to spend significantly more at $300. In 2012 respondents, planned to spend an average of $190 on the Fourth of July holiday whether they were traveling or staying at home.
The number of Americans planning to celebrate Independence Day is up as well. Last year's survey showed that almost 21% of respondents estimated they would not spend anything on celebrating the holiday. That number dropped significantly this year with only 12% reporting that they didn't plan to spend anything.
Additionally, regional disparities exist in overall spending as well:
Over 40% of Americans plan to buy fireworks, spending an average of $28. Spending on fireworks also varied geographically. Midwesterners and Southerners love their fireworks twice as much as Northeasterners and Westerners. In the South and Midwest they are planning to spend $35 and $36 respectively. In the Northeast and West, with more legal restrictions and limited access, respondents plan to spend less than half that amount at $17. Men are going all out, planning to spend over twice what women plan to spend on fireworks, $39 versus $18.
Americans celebrating the Fourth at home are planning to spend $169 while the 10% of celebrating respondents taking overnight trips away from home plan to spend an average of $1,161.
"The Fourth of July is a great day for celebration" said Nat Sillin, Visa's head of U.S. Financial Education, "but don't let your budget explode like a firework. It's important to plan your spending and then stick to that plan."
Nat Sillin, head of Visa's U.S. financial education programs, Practical Money Skills for Life (www.practicalmoneyskills.com) and What's My Score (www.whatsmyscore.org), is available for interviews to discuss the survey findings as well as offer consumers tips on how they can budget properly.
**The survey results are based on 1,007 telephone interviews, 25% of which were cellphone interviews, conducted among adults aged 18 or older nationally from May 31-June 2, 2013 in cooperation with GfK Roper OmniTel.