Happy birthday, America!
Nothing says red, white and blue like green. And with the Fourth of July landing on a Saturday this year, Americans will be spending plenty of money.
The American Farm Bureau says the average Fourth of July BBQ will cost $5.58 a person, down 3 percent.
That includes a hot dog and hamburger, buns and condiments, plus potato salad, baked beans, corn chips, chocolate milk, lemonade and watermelon.
WalletHub projects we will consume 150 million hot dogs Saturday, along with 190 million pounds of beef, and 700 million pounds of chicken. That’s a lot of chicken.
WalletHub estimates we will buy $1 billion of beer to celebrate our independence. A growing portion of that is craft beer, which continues to make impressive gains despite its higher cost. Rabobank reported earlier this year that the explosion in craft brewing was raising prices for barley. “Spot prices for malting barley in Montana are now more than 25 percent higher than they were one year ago.”
The American Pyrotechnics Association estimates Americans will spend $675 million on fireworks this year. More than 100 million Americans will go to a fireworks show. Wallethub named Minneapolis its top pick for the Fourth of July based on activities, attractions and forecast (although I see there’s a chance of rain). Minneapolis happens to be in CNBC’s top state for business!
ADD IT ALL UP
When you factor in food, booze, fireworks, party supplies and driving to a display, WalletHub believes the average household will spend $346.50 this weekend. BOOM! That’s 5 percent higher than a year ago. “Freedom isn’t free.”