For Visa Inc.
(703) 683-5004, ext. 133
Penny Pinching Patriotism as Americans Cut Spending on Independence Day Celebrations by 12%
New Visa Survey Also Shows 21% of Americans Won't be Celebrating 4th of July at all
A new survey released by Visa Inc. shows Americans are cutting back significantly on their spending for 4th of July activities this year, dropping 12% to an average of $191, compared to $216 in 2011. With economic concerns continuing to linger, Americans reported they were spending less on Independence Day related travel, food, beverages, entertainment, fireworks and other items.
Surprisingly, 21% of Americans say they are not going to celebrate the 4th of July this year, in any way. Midwesterners will spend the most celebrating Independence Day, with those living in the Northeast at the opposite end of the spectrum. The survey found:
- Midwesterners will spend an average of $211
- Westerners will spend an average of $200
- Southerners will spend an average of $182
- Northeasterners will spend an average of $171
"With most Americans continuing to watch every dollar closely, many have realized that sparklers and flag emblazoned t-shirts are not essential items" said Jason Alderman, Visa's Senior Director of Global Financial Education. "Being patriotic does not equate with overspending on the 4th of July. Make a budget for the holiday and stick to it."
Jason Alderman, national personal finance expert and Senior Director of Visa's global financial education programs, Practical Money Skills for Life (www.practicalmoneyskills.com) and What's My Score (www.whatsmyscore.org), is available for interviews to discuss the survey findings as well as offer consumers tips on how they can budget properly.
*The survey results are based on 1,012 nationally representative telephone interviews conducted among adults aged 18 or older from June 15-17, 2012, in cooperation with GfK Roper's OmniTel service.
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