Small businesses that depend on outdoor crowds and free-spending tourists aren’t sure what to expect this summer. Higher prices are making day-to-day living more expensive, which could leave less money for discretionary spending.
Consumers likely have a lot of pent-up demand after more than two years of the pandemic. But they’re also facing some significant financial headwinds because ofThe U.S. Travel Association, an industry trade group, expects money spent on travel – excluding business travel -- in the U.S. to total $726 billion in 2022, up 3 percent from 2021 and slightly above pre-pandemic levels. Many Americans appear ready to spend what’s left of their pandemic savings.
Businesses are also struggling with inflation — raw materials are finished goods are more expensive and workers are demanding higher pay. Owners have been forced to raise prices or cut back on some services. “Will people come back? I think they will. I know they will be coming for the beaches first,” he said. “What’s going to happen with inflation and gas, nobody knows. I’m cautiously optimistic -- we’ll know when we know.”between wealthy tourists and the middle or working class. At Mansion House Inn on Martha’s Vineyard, rooms are booking at pre-pandemic prices, with most of the summer sold out.
“Most of them it’s their first job, but it’s been interesting. They’re eager to work, excited and want to impress,” said Roe, whose stores are in Knoxville and Pigeon Forge, Tennessee, near the Great Smoky Mountains National Park and Dollywood amusement park.is a national trend. According to data from Gusto, a payroll, benefits, and human resources provider, teens made up 9.3% of new hires in April 2022, up from 7.7% in April 2021 and 2% in April 2019.
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