SEASIDE HEIGHTS, NJ – Americans are planning on spending 55% less this coming Labor Day weekend and that could be good or bad for businesses here at the Jersey Shore. That means people are abandoning expensive last-minute vacations and could be opting for more affordable daycations and day trips, which makes the Jersey Shore a perfect place to visit.
It could also mean that people are just planning on staying home with a few friends and having a backyard BBQ.
Related: Back to School Shopping to Cost More than Ever, But New Jersey is Getting a Break
A new report by WalletHub reveals that a majority of Americans plan to spend less this Labor Day compared to last year. The survey focuses on Americans’ Labor Day plans and the economic factors affecting them.
According to the survey, 55% of Americans intend to reduce their spending for the upcoming holiday. The study indicates that inflation is a significant factor affecting people’s plans; 63% of respondents claim they are working harder due to inflation.
Travel is also affected by the current economic climate. The survey found that 61% of Americans are less likely to travel this Labor Day weekend compared to last year, attributing this decrease largely to inflation.
Job security appears to be a growing concern, with 23% more people expressing worry about their job stability this Labor Day compared to the previous year. This concern is compounded by a high demand for wage increases, with 87% of respondents stating they want a raise to keep up with inflation.
Artificial intelligence is emerging as another factor in the labor landscape, with 37% of those surveyed expressing concerns that AI could replace their jobs.
Alongside the survey, WalletHub also released Labor Day Fun Facts. Highlights include that 55% of Americans left vacation days unused in 2022, 818 hot dogs are consumed every second from Memorial Day to Labor Day, and more than 668,000 workers’ lives have been saved since the Occupational Safety and Health Act of 1970 was enacted. The annual cost of worker injury and illness in the U.S. exceeds $174 billion.