Spending and Saving
What’s Weathering the Summer Recession
This Memorial Day kicked off a different kind of summer for many of us. The warm weather and slower pace are as welcome than ever; the big change is how much less we have to spend. We know what we’ll be keeping a lid on, but were curious about the broader trends across the country. Are summer camps closing? Are barbecues fizzling out? Some of the answers surprised us.
Down: Vactation rentals
Inventory is up and prices are down in resort areas from the Hamptons to New Hampshire’s Lake Winnepesaukee to North Carolina.
Up: Camping
Obviously, sleeping outside is cheaper than sleeping inside. REI told CNN that sales of tents —especially the family-sized ones—and sleeping bags are up 14 percent this season over last year.
Down: Summer Jobs
With unemployment high, there are fewer summer gigs for young people, and many of those positions are being taken by out-of-work grownups.
Up: Summer camps
They’re cutting back in many places, but families are continuing to send their children to summer camps, especially the pricey ones.
Down: Theme Parks
Expensive destinations like Disney World were already taking a hit from the downturn. But some local amusement parks, like Kings Dominion and Busch Gardens in Virginia, expect to do better because of the “staycations” trend.
Up: Road Trips
AAA says that there will be more travelers on the road this summer, thanks to lower gas prices and a reluctance to spend on airfare.
Down: National Parks
While many travel experts are suggesting national park visits as money-saving vacations, summer bookings for Yellowstone were low last month.
Up: Hot Dogs
The National Hot Dog & Sausage Council expects sales of the sausages, which were invented during the Depression, to be up as consumers look for cheaper meat. Ice cream businesses seem to be doing well, too.
Down: Country Clubs
Exclusive clubs, many of which were already in financial trouble, are cutting fees and even opening their doors to the public to stay alive.
Up: Boating
Lower gas prices mean some boaters are more active than they were last year.
Tags: Discussion
2 comments for “What’s Weathering the Summer Recession”
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I just stopped by your blog and thought I would say hello. I like your site design. Looking forward to reading more down the road.
The “summer jobs being down” really hurts the teenagers that should be experience their first summer of working, yet can’t find anything. I have two teen boys, and they’d actually LIKE to work, but any open positions are being taken by out-of-work-adults.