Happy 246 years of independence, America.
July 4, 2022 is a well-deserved three-day weekend. For consumers, this translates into an extra day of leisure and spending. The importance? Economists repeatedly say that consumer spending sustains 70-75% of the US economy. They mark July 4, 2018 as bump day – Wednesday – meaning fewer people were able to celebrate the full impact of the holiday. Translation: Consumer spending was down on July 4, 2018. COVID also impacted the celebrations.
Record spending in the Fourth is expected this year, even with searing inflation, weekly gasoline price adjustments and supply chain issues. Main streets in Wisconsin’s St. Croix Valley could benefit from this boost. Most communities organize special events, whether it’s a parade, a baseball-softball tournament, a carnival or fireworks. Visit them. Residents and tourists of the Sainte-Croix Valley are sure to ring the cash registers. In a nod to modern ATMs, Bitcoin and Venmo® could also be payment options.
The National Retail Federation and WalletHub websites list several fun facts about the 4th of July, including:
-84% of Americans will celebrate Independence Day this year
-Food is a major expense for the Fourth; an estimated $84.12 per person will be spent on food and a total of $7.7 billion will be spent on food
-The shopping list is rounded out with beef ($727 million), chicken ($273 million) and pork ($195 million)
-Kitchens, barbecues or picnics are the most popular ways to celebrate, followed by seeing fireworks or a community celebration, attending a parade or traveling/holidays
-Consumers will pay 30% more for fireworks this year; fireworks increased by 35% in 2021; pyrotechnics association reported unprecedented demand for fireworks for backyard celebrations beginning in 2020 due to COVID
-150 million hot dogs are eaten on the 4th; it’s unclear if hot dog champion Joey Chestnut will make it to the St. Croix Valley; his 10-minute food record is 76 hot dogs
– Over $1.45 billion is spent on beer and wine, with beer accounting for $1 billion in purchases (PSA: Don’t Drink and Don’t Drink)
-48 million people travel more than 50 miles from home for the fourth; in 2020 the number of travelers was estimated at 34 million
-91% of travelers will get to their destination by car
-100 places in the United States have Independence, Liberty, Liberty, or the Eagle in their names
-95% of all US fireworks are imported from China
-14,000 public fireworks are organized on the 4
– Over $1.5 billion is spent on fireworks
-The cost of hosting a municipal fireworks display can approach $200,000
-5 million dollars is the recommended insurance coverage for fireworks
Here are three beautiful days of good weather in early July. Long live the community celebrations in the Sainte-Croix Valley. Here are the local cafes, bars, grills, ice cream parlors, food trucks, breweries and distilleries. In 2022, make a new traditional in Wisconsin’s St. Croix Valley.