By Nathalie Voit
Like consumer goods and services, Fourth of July holiday festivities are not immune to the detrimental impact of inflation.
According to a 2022 Wells Fargo July Fourth Food Inflation Report, the average 10-person Fourth of July get-together is 11% more expensive this year than last year.
If you are planning to host a party this year, Wells Fargo offered some useful tips for keeping costs low.
Instead of a traditional barbecue, opt for shrimp and pork tacos. The average price of pork is up 3.1% this year, while the cost of standard proteins like meat and chicken soared by 15%. Current shrimp prices are retailing below the five-year average of $4.21.
For vegetables, consider tomatoes, only up about 1% since last year.
For dessert, try a non-dairy favorite, such as sherbet, gelato, and popsicles. Prices for non-dairy desserts fell 4.5% from 2021, while ice cream costs grew by about 6% over the year. If you are set on ice cream, consider making it at home, as raw ingredients remain quite affordable, according to Wells Fargo.
Opt for domestic premium beers, down 0.7% this year for beverages. Fresh-squeezed lemonade is another great option, according to the financial services company.
In addition to higher food costs, the Fourth of July will also be more expensive on the transportation front.
According to a Fourth of July Travel Survey from The Vacationer, more than 55% of U.S. adults intend to travel this holiday weekend for the Fourth of July. This is an 8% increase from those who said they would travel for the Fourth of July last year and represents approximately 143 million Americans.
Of those who intend to travel, more than 1 in 2 say high gas prices will affect their plans. The finding shows that around 130 million Americans are concerned about the rising price of fuel. Although high gas prices will likely not affect the number of people traveling, The Vacationer said soaring energy inflation would force consumers to reduce spending on other Fourth of July expenses.
The survey also found that 52% of Americans, or about 135 million people, intend to take a road trip this year. Despite higher gas prices, more than one-quarter of those who say they will take a road trip for the Fourth of July plan to drive more than 100 miles from home.
The most common Fourth of July activities participants cited in the survey were BBQ or cookout (41.07%), fireworks (30.0%), beach (11.75%), lake (7.09%), parade (4.17%), movie theater (3.88%), and sporting event (2.04%).
