Americans Divided On Feeling Richer Or Poorer This Fourth Of July — Nearly Half Say Inflation Is Worse Than Last Year, Survey Says

The economy and inflation continue to be key topics for Donald Trump and President Joe Biden to address when discussing the 2024 presidential election.

Ahead of the Fourth of July holiday, Benzinga polled readers to get a gauge on how inflation is compared to last year.

The Fourth of July holiday will see millions of Americans celebrate Independence Day with get-togethers with family and friends and in some cases, mark the tradition with fireworks.

Don't Miss:

• The average American couple has saved this much money for retirement — How do you compare?

• Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.

Benzinga asked readers how the 2024 Fourth of July compares to the previous year.

"Ahead of Fourth of July, how do you feel compared to last year?" Benzinga asked.

The results were:

• Richer: 35%

• Poorer: 35%

• About the Same: 31%

Benzinga also asked directly about inflation compared to the previous year. These were the results:

• Better Than Last Fourth of July: 25%

• Worse Than Last Fourth of July: 48%

• About the Same as Last Fourth of July: 27%

Trending: Warren Buffett flipped his neighbor's $67,000 life savings into a $50 million fortune — How much is that worth today?

Ahead of the holiday, Benzinga asked if consumers would consider buying less of any common items associated with the Fourth of July. Consumers said they would buy less of the following products, with multiple answers allowed:

• Fireworks: 44%

• Alcoholic Beverages: 36%

• Barbecue Meats: 32%

• Desserts: 30%

• Fruits & Vegetables: 23%

• No, I'll Be Buying Everything as Planned: 37%

The survey results show that almost half of consumers think inflation will be worse in 2024 than in 2023.

Consumers look ready to still spend on top items for the holidays, but 44% are likely to cut back on fireworks for the holiday. Consumers also appear ready to cut back on alcoholic beverage spending for the holiday, which could impact beer stocks like Anheuser-Busch InBev (NYSE:BUD).

Overall, lower consumer spending for the holiday could have an impact on retail stocks such as Walmart Inc (NYSE:WMT), which often does sales and promotions based on holidays.

Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.

In May, the Personal Consumption Expenditure showed a decline. The PCE fell from 2.7% year-over-year in April to 2.6% in May. The figure is one of the preferred measures of inflation for the Federal Reserve.

The economy is the biggest topic on voters' minds ahead of the 2024 election, according to a Morning Consult poll of nationally registered voters.

Benzinga asked what topics readers most wanted to hear from Trump and Biden in the first presidential debate. The economy and inflation won with 50%, ranking significantly ahead of immigration (31%), Ukraine/Gaza Wars (13%) and Bitcoin/Crypto (6%).

The study was conducted by Benzinga on July 2 and July 3 and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 119 adults.

Read Next:

• Are you rich? Here’s what Americans think you need to be considered wealthy.

• How do billionaires pay less in income tax than you? Tax deferring is their number one strategy.

"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!

Get the latest stock analysis from Benzinga?

This article Americans Divided On Feeling Richer Or Poorer This Fourth Of July — Nearly Half Say Inflation Is Worse Than Last Year, Survey Says originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.