Fourth of July Celebrations
On July 4, 1776, the Declaration of Independence was approved by the Continental Congress, setting the 13 colonies on the road to freedom as a sovereign nation. Every year, Americans show their pride by celebrating this most American of holidays marked by parades, fireworks, and backyard barbecues across the country. Behind this holiday lies some serious money, as Americans are willing to spend a lot more.
Some products are in high demand around the 4th of July. The American flag is one such product. In 2009, the dollar value of U.S. imports of American flags was $3 million. Most of this amount ($2.5 million) was for chinese-made U.S. flags. The dollar value of flags exported was $320,277, much smaller than the imports, and many of the flags exported were sent to Mexico. The annual dollar value of shipments of flags, banners or similar products was more than $300 million according to the economic census data. Fireworks are another huge commodity, in that consumers spent nearly $600 million on fireworks, about two-thirds of that spent on backyard fireworks (Floro).
Even though the economic climate is tough, the industry for the 4th of July is thriving. Part of this is due to states relaxing their laws on consumer consumption of fireworks. Not only are fireworks involved, but the food aspect contributes millions of dollars in revenue to the economy. Around 160 million people are planning to fire up around 400 grills for this year’s festivities. This is about 68% of the population, 4% higher than last year, and the highest percentage of people on record since the beginning of the survey. According to US News, the nation will spend around $2.4 billion at the grocery store, with the average family paying $50 or more for a good meal.
All of this consumer spending with jump the economy as people are no longer holding onto their money. Businesses will recycle the profits made into either the banking system or to the companies that sell them their products. The 4th of July is a very profitable holiday that is unmatched by others, and the expected turnout is only going to keep rising and rising in numbers, making the 4th of July one of business’s most anticipated holidays next to Christmas and Halloween.