Fireworks, barbecues … and inflation?
Fourth of July spending now exceeds pre-pandemic levels
Can you believe half of 2024 is already behind us? The summer heat has been turned on high as we approach the Independence Day holiday, and we take a break to remind ourselves just how great this country is. Perfect? Far from it, but we’re still the greatest country in the world where we can all define success as we see it and be given the best chance to achieve that success.
I was hoping we could find a chart where the impact of the pandemic on the U.S. was not so obvious. Virtually every part of our lives was impacted, and this is reflected in charts around economic activity. Spending on Fourth of July celebrations was no different, but we also see the impact of another broad economic influence in this week’s chart: inflation.
While the number of people celebrating dropped off as we had public gatherings restricted, they quickly rebounded to near pre-pandemic levels. What has accelerated even more is spending on the holiday, which now far exceeds the pre-pandemic levels. While some of this might be a “volume” effect—that is, buying more celebratory goods (not sure if beer falls in that category), we also know prices are higher across the board.
As we prepare for this year’s holiday, please stay safe and enjoy your celebrations responsibly. And happy birthday America!