4 Funds To Gain From Robust Independence Day Spending

Per the latest Independence Day spending survey from the National Retail Federation (NRF) and Prosper Insights & Analytics, an incredible number of Americans are expected to participate in Independence Day celebrations this year. The survey also states that spending on food would breach past $6 billion across the country.

Meanwhile, consumer spending on leisure goods, food and clothing has remained largely robust in the past few months. Under such circumstances, investing in mutual funds with significant exposure to leisure, retail, and transportation companies seems prudent.

Despite a Dip, Independence Day Spending Still Incredibly High

The survey states that approximately 86% of the total number of Americans has planned to celebrate this year’s Independence Day. However, this figure is lower than 87% from 2018. Analysts have blamed it on the timing rather than pointing at any fundamental weakness. The 4th of July falls on a Thursday this year and the fact that it is in the middle of the week has discouraged a few to actively participate in the celebrations.

That said, the NRF still predicts that total spending on food on July 4th will hit approximately $6.8 billion. Further, about 61% of the total respondents stated that they planned to organize or attend cookouts and barbecues. As a matter of fact, average per capita spending on food for the day is expected to be $73.33.

A lot of Americans are also expected to attend fireworks, indulge in patriotic decorations and clothes or travel. Approximately 26% of the population is expected to purchase additional patriotic merchandise this year.

Other sources of spending during the holiday include fireworks, patriotic decorations and apparel, and travel. Further, the Florida Retail Federation (FRF) is also expecting record-breaking holiday spending in the Sunshine State this 4th of July.

4 Best Funds to Buy Now

Given such circumstances, we have highlighted four mutual funds carrying a Zacks Mutual Fund Rank #1 (Strong Buy) or 2 (Buy) that are poised to gain from such factors. Moreover, these funds have encouraging three and five-year returns. Additionally, the minimum initial investment is within $5000.

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Disclosure: Zacks.com contains statements and statistics that have been obtained from sources believed to be reliable but are not guaranteed as to accuracy or completeness. References to any specific ...

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