Americans are planning to save their money this Labor Day weekend.
According to a new report from WalletHub, more than half those surveyed aren’t to splurge are aiming to spend much less this year than last year. According to Wallet Hub’s Labor Day Survey, shared inflation, and job insecurity are factors for the restrictive spending.
“Around 55% of Americans plan to spend less money over Labor Day weekend compared to last year, and 61% of people say they are less likely to travel,” said Jill Gonzalez, WalletHub Analyst in the report. “Although the government has been successful in decreasing inflation, many Americans’ wallets are stretched thin from the past few years. Important Labor Day costs like food (especially meat) and gasoline for travel remain high, which is likely forcing many people to cut costs and have more restrained celebrations.”
She added: “Around 87% of Americans think that they should get a raise to keep up with inflation. This is unsurprising given the fact that inflation is still higher than ideal levels despite many rate hikes. The government has significantly reined in the inflation rate from the 40-year high it hit last year, but a lot of Americans are still struggling. Raises could help compensate for the damage done to people’s wallets by months of high inflation and help make the cost of living more bearable. Promising raises to new workers would also be a good way for companies who are experiencing labor shortages to entice people to apply.”
How do you think this will plans this holiday?