Consumers Plan To Spend On Fourth Of July Celebrations
According to the National Retail Federation’s (NRF) 2007 Independence Day Consumer Intentions and Actions Survey, 42.1 percent of consumers said increased gas prices will impact their spending for the Fourth of July holiday, slightly lower than the 46.8 percent who said they were impacted last year. The Fourth of July falls on a Wednesday this year, adding an additional challenge for retailers that plan special promotions.
When it comes to consumers’ Fourth of July plans, 61.1 percent will have a cookout/barbecue or picnic, 42.5 percent will attend fireworks or another type of community celebration and 9.7 percent will attend a parade. While many said they are currently driving less (40 percent) and taking fewer shopping trips (41.9 percent) due to fluctuating gas prices, 11.3 percent of consumers will travel or go on vacation for the holiday. In addition, 17.3 percent of shoppers said they would purchase additional patriotic merchandise to celebrate the holiday.
In general, the uncertainty about gas prices seems to have the most impact on consumers’ spending decisions. Nearly 73 percent believe that gas prices will be more than they are now by July 4. On average, consumers expect the price for gas to rise to $3.38.
“While gas prices do play an important role in where and when consumers shop, shoppers will not let that dampen their summer plans,” stated Phil Rist, vice president of strategy at BIGresearch. “Many people will choose to stay closer to home to celebrate or take advantage of their community celebrations, but some still feel this holiday is definitely worth the drive.”
For additional information, go to www.nrf.com.
Videos
