July 4th Fizzle: Gas Prices To Keep Consumers On Short Leash

fireworksIt sounds like a replay of Memorial Day weekend projections, except the fuel prices are a little higher. A new survey just released by the National Retail Federation finds that consumers are already anticipating gas price hikes, and downsizing their Independence Day weekend plans as a result. 

The survey, conducted by BIGresearch, finds that 59.4% of consumers say that increased gas prices will affect their holiday plans--a big increase from 42.1% who said the same thing last year.

And no doubt as a result of "Big Oil" being in the headlines daily, the vast majority--87.8% or 200 million Americans--say gas will cost more by Independence Day than it does now, with an average prediction of $4.39 per gallon.

Of course, people are still planning to celebrate. About two-thirds plan to either grill or attend someone else's barbecue, 40.2% plan to watch fireworks, and 10.5% say they will go to a parade. And yes, some will travel: 11.2% say they plan to get away.



"Instead of making elaborate travel plans, many consumers will choose to spend the holiday closer to home with family and friends," the researchers say in the study.

The poll, which included more than 8,300 adults, also finds that people love to show their colors. "About 120 million Americans own an American flag, 85 million have patriotic apparel, and 56 million own decorations," NRF says. Just 16% plan to purchase additional patriotic merchandise this month, down a smidge from 17.3% last year.

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