Helpful miscellaneous articles
regarding our retirement plan and planning.
Like you, I review my retirement nestegg and plan from time to
time. Recently, I went though some continued
education for some credentials I maintain and it occurred to me that we all
could use a review about these issues.
So with your help, we will share and post articles and info that may be
helpful and of interest to many of you in this section.
10 Little-Known Money Facts About
the Fourth of July
By
Samantha Rose
Samantha Rose
covers financial literacy for the educational arm of OppLoans. Her work focuses
on providing hands-on resources for high school and college-age students in
addition to their parents and educators.
Updated on
March 18, 2021
How Americans spend their time — and money — on
Independence Day.
Food and fireworks: That’s what America does best on the Fourth
of July. We fill our grocery carts with hot dogs and chips. We buy the biggest
sparklers we can find. After that, it’s time to celebrate. But wait.
What does that receipt say?
The Fourth of July, it turns out, is expensive. Very expensive.
And how much we spend may surprise you. So grab your pool floaties and pump up
your patriotism. Here are 10 financial facts about the Fourth that will blow
your mind.
No. 1: Americans spend $6.7 billion on picnic provisions
The Fourth of July is the most popular day for grilling. But how much do people spend on their picnic provisions?
According to the National Retail Federation (NRF),
Americans were estimated to spend $6.7 billion on food in 2019. The annual
survey also found that cookouts, barbecues, and picnics were the most popular
Fourth of July activity (61%). And the most popular foods eaten on Independence
Day are unsurprisingly grilled: hotdogs, hamburgers, chicken, and BBQ.
No. 2: Americans spend an average of $73.33 per person on food
About 86% of Americans planned to celebrate the holiday in 2019,
according to the NRF. Although we already know $6.7 billion was the estimated spend
on picnic provisions, this breaks down to an expected average spend of $73.33
per person on food. Yikes! It appears the Fourth of July rivals many high-end
restaurants in terms of pricing.
No. 3: Men spend more on food than women
The NRF provided a detailed breakdown
of Independence Day consumer spending and celebration plans, including
differences in spending by gender.
In 2019, the percentage of men (86%) and women (85%) who planned
to celebrate the Fourth of July was nearly equal. Despite this, men were
expected to spend more money on food than women for the holiday.
The average amount spent on food by gender:
·
Men: $78.68
·
Women: $68.20
No. 4: 35- to 44-year-olds spend the most on food
The breakdown by generation was also revealing. People on the
cusp of Gen X and Gen Y were more likely to go all out on the Fourth of July.
According to the NRF, Americans aged 35-44 were expected
to spend the most money on food. And the most frugal Americans? Those 65 and
older were expected to spend the least.
The average amount spent on food by age:
·
18-24: $74.55
·
25-34: $78.91
·
35-44: $81.29
·
45-54: $79.72
·
55-64: $69.36
·
65+: $58.99
No. 5: Hot dog eating contest champs won $40,000
The Nathan’s Famous hot dog
eating contest held on the Fourth of July is an American tradition. Competitors
come from all over to compete for a chance at a title and prize money.
According to Nathan’s website, the annual Coney Island
competition started in 1916 as a way to determine which of four immigrants was
the most patriotic. The site lists winners as far back as 1972. In 2019, the
current champs were Joey Chestnut and Miki Sudo, for male and female
competitors, respectively.
There is a generous $40,000 of total prize money allocated among
first through fifth place winners. Winners each receive $10,000. Second place
participants receive $5,000. Third place participants receive $2,500. Fourth
place participants receive $1,500. And fifth place participants receive $1,000.
No. 6: Americans spend $1 billion on beer
The Fourth of July is one of the country’s largest holidays for
drinking. In fact, it’s right up there with Super Bowl Sunday and St. Patrick’s
Day.
According to a report from WalletHub, U.S. adults were estimated
to spend about $1 billion on beer alone. And the amount, including
wine, increased to about $1.6 billion.
No. 7: The U.S. imported more than $5 million in flags
America imports large quantities of red, white, and blue flags
from abroad for the Fourth of July. In fact, patriotic American flags are a hot
commodity based on the cost!
According to the U.S. Census Bureau, more than $5
million worth of American flags were imported in 2016. Who were the largest
buyers? It turns out many businesses want to invest in patriotic cheer — for
cheap.
No. 8: The U.S. imported $280 million in fireworks
From sparklers to snappers, Americans love their fireworks. And
the fireworks industry is booming as a result.
Revenues for consumer fireworks have steadily increased since
2000 from $407 million to $945 million in 2018. And 2019 was the most expensive
year yet! It was estimated that Americans spent $1 billion on fireworks for the
Fourth of July.
No. 9: Macy’s fireworks show costs $6 million
The long-standing Macy’s fireworks display along the Hudson
River in New York City is the most iconic Fourth of July activity. In fact,
Macy’s fireworks is the largest Independence Day show in the country. It is
broadcast for two hours live on NBC to homes across the nation. And the show
includes a star-studded cast of musicians and entertainers.
But how much does it cost the department store giant? In 2019,
the fireworks were estimated to cost Macy’s $6 million, according to a
WalletHub infographic.
No. 10: The minimum insurance coverage for firework shows is $5
million
The Fourth of July is synonymous with fireworks. That’s why
cities across the nation invest in large-scale firework displays to entertain
their residents. But did you know those grand shows come at a cost?
Almost all venues require that fireworks shows must have general
liability insurance sufficient enough to cover claims. And several states set
their own minimum requirements for this insurance coverage. Typically, the
minimum coverage for large-scale fireworks shows, like the Macy’s display,
is $5 million, WalletHub reports.
(As with any of these informative articles,
anyone who needs someone to talk to about
this
very subject contact me and I can direct you to a knowledgeable advisor).
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