Washington—Even if a Wednesday, July 4, may limit time away from the office during this year’s Independence Day, falling gas prices may permit Americans to spend a little more this year.
According to the National Retail Federation (NRF)’s 2012 Independence Day survey conducted by BIGinsight, more than 160 million people, or 67.6% of Americans who intend to participate in holiday festivities, will celebrate the Fourth of July by hosting or attending a cookout/barbecue and/or picnic–the most ever recorded in the survey’s history.
Approximately 30 million people will brave traffic to escape town for the Fourth of July– maybe using the decrease in gas prices as the perfect reason to hit the road and enjoy the sunshine somewhere.
When asked specifically if the price of gas will impact their spending for the Fourth of July holiday, 62.9%–that translates to nearly 134 million people–said “No,” an increase from 53.5% who said the cost of gas wouldn’t sway their spending last year.
Patriotic Themed Merchandise on More Shopping Lists, Too
Pam Goodfellow, consumer insights director at BIGinsight, says the steady decreases in gas prices and encouraging spending plans from previous holidays like Father’s Day will help put consumers in a good mood this Independence Day.
“Whether the time consumers get off work for this holiday is used to travel to their favorite summer watering hole or used to catch up on yard work, it’s clear that Americans are in better spirits this Fourth of July,” Goodfellow says. “Grocery stores, department, discount and drug stores will benefit from the added holiday traffic as consumers stock up on food, sunscreen, beach gear and apparel for their celebrations.”
Fireworks, of course, will play a major role in holiday festivities: nearly half of those celebrating this year will attend a fireworks or community celebration.
And in keeping with the red-white-and-blue holiday theme, 23% of Fourth of July celebrants said they intend to buy additional patriotic merchandise within the next 30 days, up from the 20.1% who said so last year.