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On July 4, 1776, the Continental Congress to adopt sth.etw. annehmenadopted the Declaration of Independence, separating the 13 North American colonies from Britain and forming the new United States of America. It was a key moment in the Revolutionary War (called the War of Independence by the British), which was finally won in 1783. This holiday to commemorate sth.etw. gedenkencommemorates America’s independence from Great Britain. In the following article, you’ll hear more about what this holiday means for the U.S. economy.
The Fourth of July, also known as Independence Day, is perhaps the most important federal holiday (US)Bundes-, Nationalfeiertagfederal holiday in the U.S. Coming in the middle of summer, the day is marked by travel, family gatherings, barbecues, and outdoor concerts and festivals. It is also a very important day for many businesses and a big moneymaker for parts of the economy.
While the Covid pandemic to dampen sth.etw. dämpfen; hier: etw. einen Dämpfer verpassendampened festivities, July 4th celebrations are now to be back on trackwieder auf Kurs sein; hier: wieder regulär stattfindenback on track. “People have already returned to to observe sth.hier: etw. begehenobserving the holiday normally,” Jill Gonzalez, analyst at the U.S.-based finance website WalletHub, told Business Spotlight. “This was shown by the estimated amounts spent on food and fireworks that to surpass sth.etw. über- treffen, übersteigensurpassed pre-pandemic levels. The projectionPrognoseprojections for last year were $7.7 billionMilliarde(n)billion on food and $2.4 billion on fireworks, compared to $6.8 billion on food and $1 billion on fireworks in 2019. This year, due towegendue to high inflation, we don’t expect there will be a significant increase in the amounts spent.”
Americans will eat an estimated 150 million hot dogs over the July 4th holiday period, according to the U.S. National Hot Dog and sausageWurstSausage Council (NHDSC). Average food spending per person is around $84, with most people choosing to celebrate at home with a barbecue rather thananstattrather than attending an organized event.
As it is a celebration of America, one would expect to see lots of money spent on paraphernaliaKrimskrams, Zubehörparaphernalia that to display sth.etw. zeigendisplays the patriotic colors red, white and blue. U.S. flags receive a particular boostZulauf, Aufschwungboost in sales at this time of year. According to the Flag Manufacturers Association of America, 95 percent of U.S. flags are made in the United States. This is in contrast to the several hundred million pounds of fireworks that will light up the night sky on July 4th. Around 70 percent of professional display fireworks and 99 percent of consumer fireworks are imported from China.
Time to travel
Americans tend to travel domesticallyim Inlanddomestically, boosting the national economy. According to estimates from the American Automobile Association (AAA), nearly 48 million people traveled over the July 4th holiday in 2022, despite high gas (US)Benzingas prices. And the travel numbers are expected to continue this upward trend in 2023 and beyond. “What’s uniqueeinzigartig; hier: ungewöhnlicunique about travel trends now is that the rise in remote workhier: Arbeiten im Homeofficeremote work is affording people the flexibility to work from their vacation destinations,” Aixa Diaz, an AAA spokespersonSprecher(in)spokesperson, explained. “For example, some people may travel over the July 4th weekend, stay at their destination through the holiday and work remotely the rest of the week.”
With so much traveling, eating and partying, billions of dollars are spent over the July 4th period every year. Even with high inflation, it is unlikely that Americans will let rising costs to spoil sth.etw. verderbenspoil the traditional celebrations of their national holiday.
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