Jack Morey’s family has owned and operated Morey’s Piers & Beachfront Water Parks, three boardwalk amusement parks along the waterfront in The Wildwoods, New Jersey, for two generations. “Inflation is a major worry and tied to that is increases in costs small businesses are seeing from their own vendors and suppliers. “It’s a summer of uncertainty,” said Ray Keating, chief economist with advocacy group the Small Business & Entrepreneurship Council.
Owners have been forced to raise prices or cut back on some services. That was 9% lower than the same five days in 2019, but up 24% from the same days last year.īusinesses are also struggling with inflation - raw materials are finished goods are more expensive and workers are demanding higher pay. airport checkpoints during the five-day Thursday through Monday holiday period. According to the Transportation Security Administration, an average of 2.23 million people per day passed through U.S. Memorial Day weekend might offer a snapshot of how the summer will go. Gas prices are up more than 60% from a year ago and hotel rooms and airfare are pricier as well, putting pressure on travel budgets. Higher prices are making day-to-day living more expensive, which could leave less money for discretionary spending. Many Americans appear ready to spend what’s left of their pandemic savings.īut inflation might throw a wrench in their plans. to total $726 billion in 2022, up 3 percent from 2021 and slightly above pre-pandemic levels. Travel Association, an industry trade group, expects money spent on travel – excluding business travel - in the U.S. But they’re also facing some significant financial headwinds because of the highest inflation in decades. Small businesses that depend on outdoor crowds and free-spending tourists aren’t sure what to expect this summer.Ĭonsumers likely have a lot of pent-up demand after more than two years of the pandemic.