The 4th of July is one of America’s most treasured holidays, and Americans typically celebrate the anniversary of their independence with massive parades, flashy fireworks displays, family gatherings, beach trips and more. This patriotic occasion can run up a big bill, though, especially in the midst of high inflation.
In response to this difficult economic period, many people are reining in their spending. In fact, 62% of Americans are planning to spend less money on July 4th this year than they did last year, according to a recent nationally representative WalletHub survey. The survey examined both Americans’ plans for Independence Day and their opinions on freedom and patriotism in light of current events.
Key Stats
- Inflation is hurting celebrations. 57% of Americans say that inflation is affecting their 4th of July plans.
- Financial independence is shaky. 63% of Americans feel financially independent this 4th of July.
- People think credit access is essential. 61% of Americans say that access to credit should be a basic American right.
- Americans support USA goods. 76% of Americans make an effort to buy things made in the USA.
- Many people desire credit card freedom. 62% of Americans wish they could claim independence from their credit card.
- Charitable giving is patriotic. 26% of Americans think donating to charity is the most patriotic financial activity, closely followed by paying taxes (24%) and saving money (16%).
Ask the Experts
For additional insight on celebrating the 4th of July during the current economic situation, WalletHub turned to a panel of experts. Click on the pictures of the experts below to see their bios and responses to the following key questions:
- Around 62% of Americans are planning to spend less money this 4th of July than last year – what impact do you think that will have on seasonal businesses?
- Roughly 61% of Americans think that access to credit should be a basic human right. Do you agree? How would a right to credit be implemented?
- Only 63% of Americans feel financially independent this 4th of July. What are the most important things people can do to achieve financial independence?
Ask the Experts
Associate Professor, Department of Marketing – Rutgers Business School
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Professor of Marketing, Yale School of Management and Professor of Psychology in the Department of Psychology – Yale University
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Ph.D. – Associate Professor, Marketing – Colorado State University
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Ph.D. – Professor, Department of Fashion & Apparel Studies – University of Delaware
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Ph.D., MBA – Assistant Professor of Health Sciences, School of Sciences – Indiana University Kokomo
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Professor of Marketing, G. Brint Ryan College of Business – University of North Texas
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Survey Methodology
This report reflects the results of a nationally representative online survey of over 200 respondents.
After we collected all responses, we normalized the data by age, gender and income so the sample would reflect U.S. demographics.
Full Details Overall
| Are you spending more or less money this 4th of July than last year? | |
|---|---|
| Less | 62% |
| More | 38% |
| Are you planning to go shopping this 4th of July? | |
| No | 55% |
| Yes | 45% |
| Should access to credit be a basic American right? | |
| Yes | 61% |
| No | 39% |
| Do you make an effort to buy things made in the USA? | |
| Yes | 76% |
| No | 24% |
| Is inflation affecting your 4th of July plans? | |
| Yes | 57% |
| No | 43% |
| Do you feel financially independent this 4th of July? | |
| Yes | 63% |
| No | 37% |
| Do you wish you could claim independence from your credit card? | |
| Yes | 62% |
| No | 38% |
| What’s holding you back the most from living the American dream? | |
| Cost of living | 35% |
| Income | 21% |
| Inflation | 18% |
| Debt | 11% |
| Job opportunities | 7% |
| Education | 7% |
| Which financial activity is the most patriotic? | |
| Donating to charity | 26% |
| Paying taxes | 24% |
| Saving | 16% |
| Paying off debt | 13% |
| Investing | 12% |
| Spending | 9% |
Note: Percentages may not total 100% due to rounding.
WalletHub experts are widely quoted. Contact our media team to schedule an interview.