Friday July 04th 2008, 11:59 am
Filed under: Pump-o-licious, fun, holidays, spending
From Barbeques to fireworks to parking at the beach, the 4th of July has always been a holiday of spending and celebration. This year however, people may think twice before dropping so much money on flags and food.
Last week I thought I had seen a drop in gas prices around my area (and by this I mean a little under $4 per gallon), however, this week gas prices seem to be sky rocketing again with the 4th of July weekend!
People love to hold BBQs and attend firework presentations, but this year consumers may cut back their spending with gas prices being on the rise. Not only will people think twice about traveling so far, but they may even cut back on their extravagant grilling and stick to the simple hamburgers and hot dogs.
According to a National Retail Federation survey, “59.4% of consumers say increased gas prices will impact their spending for the holiday, up from 42.1% of consumers who said so last year.”
The 4th of July celebration is huge for major cities across the United States. Boston, being a historical city, sees a large rise in tourists around this time each year. According to a recent Boston Globe article, the 4th of July draws around 160,000 out-of-state tourists to see the Boston Pops perform, the fireworks, and other attractions throughout the city. These tourists bring millions of dollars in profit to the city ranging from spending on hotels, tourist attractions, restaurants, bars, etc. Will Boston see a drop in these numbers? Or will people continue to flock to the city for the celebrations?
Even the retailers might see their sales struggling this 4th of July! Every commercial I see on TV is for the 4th of July weekend sales, this year is no exception. Hopefully the retailers have used their advertising budgets well and will see their sales stay consistent and not drop.
The decision is really up to you! Everywhere I go people are excited about the 4th of July so I personally haven’t seen such a drop in spending, but obviously people are considering this in their budgets.
So this year, will you spend less on your 4th of July weekend? Or will you find reasons to celebrate and ignore those rising gas prices?
Picture: Andrea Church
