Consumer Watch: What Americans really spend on July 4th

MEMPHIS, Tenn. — That Fourth of July BBQ may cost you.

The National Retail Federation said Americans will spend $7.1 billion on food for Independence Day cookouts and picnics.

But food isn’t the only thing people shell out their hard-earned cash for.

While up to 65 percent of people own an American flag and an additional 53 percent own something with the stars and strips on it, retailers still expect 28 percent of those out and about to buy even more patriotic items.

Of those celebrating, 162 million people will take part in a cookout or picnic, spending an average of $73 per person.

And that’s just for the food.

Many people — 44 percent — will watch fireworks and 14 percent will attend a parade.