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On today’s Business Beat, Jeff discusses this year’s boom in fireworks sales, including a 200% to 300% jump, according to the American Pyrotechnics Association via CNBC.
Tune in to the Business Beat, below, to hear more about this big win for the fireworks sales industry:
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Good morning, Paul!
Well, what Fourth of July would be complete without fireworks, right? And as we head into this Fourth of July weekend, those who make and sell fireworks are seeing dollar signs. Fireworks are big business. Generally, sales in 2019 eclipsed $1 billion in the U.S. and nearly doubled in 2020.
And this year, fireworks shortages due to shipping delays could really throw cold water on the best laid plans. Many mom-and-pop shops you see along the roadsides are expected to be fully sold out as we head into this weekend. Fireworks sellers say they are seeing huge gains in fireworks sales, with some seeing jumps of 200% to 300% in sales.
And if you’re lucky enough to find product to buy, be prepared to pay two to three times what you’ve paid in previous. Now, there are several reasons for the brisk demand and limited supply, all resulting directly from the 2020 pandemic. First, given that people have money to spend left over from stimulus checks or from savings by not spending it otherwise, they’ve got money to burn.
There’s a desire, and there’s cash on hand to spend on making the Fourth of July a big weekend. And certainly, you can’t have that without fireworks. Second, according to the American Pyrotechnics Association, the 90% sales in 2020 resulted in decimated supply for this year, and producers and sellers are having trouble restocking due to supply chain.
Much of the inventory produced in China is stuck on ships or in warehouses that just hasn’t been able to make its way to sellers in time. And if it did make it off those ships or out of those warehouses, much of the inventory is stuck inland on trains that are experiencing the same delays as the shipping companies are. Typically, on Fourth of July, that boom that you hear are the fireworks going off in the sky. This year, though, that boom you’re hearing is the boom and fireworks sales.
Make it a great holiday weekend, everybody!
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.