Featured Image Courtesy: Daytona Adventures
Forty-year highs for inflation is not something the tourist industry wants to hear a month away from Memorial Day Weekend, traditionally the start of the great American customary summer vacations. With inflation hitting an astonishing 8.5% year-to-year for March, any wage increases experienced by American families are statistically being wiped out. That means that even if a family-of-four saw a 5% increase in household income, they’re still falling short of their purchasing power a year ago. That’s even more troubling given that the pandemic had damaged a significant number of Americans’ economic potential, especially those on the margins.
The consumer-price index rose 8.5% year over year, above estimates of 8.4% and up from the prior result of 7.9%. The core CPI result, which strips out food and energy prices, which are bringing the headline number higher, gained 6.5%, just above the prior result of 6.4%. That signifies that the price of goods and services across the board is still rising.
— Barron’s
One of the biggest problems for tourist destinations is that the summer does not appear to be any better for either gas prices or food costs. In fact, food costs and shortages may accelerate dramatically as a consequence of poor domestic planning and world crisis abroad. When news organizations begin talking about a “looming catastrophe,” it’s not the sort of phraseology that inspires confidence. And, of course, it will be those on the lower socioeconomic brackets who will suffer the most when it comes to planning a summer getaway. The ultra rich will continue to enjoy their yachts, the somewhat wealthy international tourists will flock to Disney World while there’s an opening, and even the upper middle class groups in America will enjoy a nice trip into the great outdoors. But for families on the lower end, inflation of 8.5% with gas and food outpacing even those numbers, being able to make a journey for a relaxing reset just became all the harder.
One of the funniest things you can do to see just how wrong the media has been on this sort of thing is to review what they were saying last year. Back when inflation was just ramping up, it was all about “higher demand” and a “roaring economy.” Now we’re left wondering what they’ll come up with for Summer 2022 as an excuse for the crippling-high prices for lodging, travel, food, and more.
Check out this video that supposedly explained rising vacation prices in 2021:
Our recommendation:
If you’re on the edge financially for a vacation, try the following tips.
- Avoid air travel and instead do a short road trip to your vacation location.
- Look for national and state parks as a way to get out and explore.
- Instead of eating out, bring your own food and a grill you can take with you. This Blackstone Griddle, for example, is a great way to have fun.
- Rather than coasts, think about lakes and rivers for enjoying water and sun.
- Get off the beaten path. The smaller the venue the more likely they’ll be thrilled you stopped by. After all, it’s the little guys taking the biggest hit in tourism.
Let us know what ideas you’ve come up with for your summer vacation. And is inflation hampering your fun? As always, keep checking That Park Place for all the latest news that should be fun — even if the economy isn’t being kind.
