Gas prices and inflation weaken summer vacation plans
From beach chairs to cheese balls, to horseback riding and henna tattoos – if you’re planning to visit the Jersey Shore this summer, be prepared to pay more.
Seaside Heights, New Jersey, is under pressure to hit the peak of last year’s hot summer season, which saw visitor numbers rise 24% year-over-year and their spending adding more than $20 billion to its economy, according to The Atlantic. City tourism report.
But businessmen and travel experts fear rising costs and persistent fears of a labor shortage could prevent beachgoers and travelers from leaving their homes during one of the country’s busiest holiday seasons.
“People are always welcome to come and apply for a job,” Xavier, a T-shirt store employee, told Jeff Fluke of FOX Business on Thursday. “No one wants to come here and get some work done.”
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“Whether it’s gas, hotels, airline tickets, food, or inflation is crazy right now, people are paying for it,” added Lee Abamonte, a travel analyst and blogger.
A report from Longwoods International supports these concerns, finding that higher gas and daily prices will force Americans to spend less this summer.
The retail sector is expected to be hit the hardest, with 32% of Americans seeing spending less in this category, followed by the entertainment industry at 31%, food and beverage at 22% and accommodation at 17%.
As of Thursday, the price of gasoline in the United States remained essentially unchanged at $4.60 a gallon, according to the latest data from AAA.
Gas prices previously hit a new record high last Wednesday, jumping 4 cents overnight in the wake of further EU sanctions on Russian oil.
“Hotels can get away with it,” Abamonte explained. “Restaurants can get away with it. Airlines get away with it because the demand is there.”
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