Affinity Federal Credit Union’s second-annual vacation cost index shows a more moderate price jump compared to 2022, but the average costs of common activities and attractions continue to increase

The price of a Jersey Shore vacation will cost families approximately 4% more in 2023 compared to last year, according to research from Affinity Federal Credit Union (“Affinity”). The increase generally aligns with overall inflation rates (4.9% in April 2023¹) and is considerably more muted than the 16% year-over-year (YOY) jump that occurred between the 2021 and 2022 summer seasons.

The research shows moderate increases in three of the four major tourism-related categories for 2023, and the changing landscape reflects a business sector that has better adjusted to inflationary pressures and supply chain challenges.

Beach services, such as beach tags, chair and umbrella rentals, are up 4% YOY; food and drink, including coffee, taffy and pizza, have increased 11% YOY; and leisure activities, such as mini golf and amusement park rides, are 8% higher YOY. Travel is the only category to report a decrease, down 7.7% overall. This change has been driven by the fact that gasoline costs are 23% lower now than in May 2022.² The survey’s full findings can be found on the Affinity website: https://www.affinityfcu.com/day-at-the-shore

“It is relieving to see costs have increased at a much more moderate rate this year compared to last,” said Jacqui Kearns, Chief Brand, Strategy, and Wellbeing Officer of Affinity. “This means it is significantly more achievable for families to enjoy the quintessential Jersey Shore experience this summer.”

Affinity analyzes traditional Jersey Shore summer vacation activities and necessities to track cost changes over time. This is the second installment of the report, which debuted in 2022.

“While this year’s report is encouraging, to see a 20% increase in overall costs in just a two-year span is notable and presents families with a very real challenge in 2023 and beyond,” added Kearns. “It means consumers still need to proactively implement money-saving strategies that help their dollar go further.”

Affinity offers several opportunities for members to enhance their financial wellbeing via savings efforts and extend the value of their dollar. Affinity’s SmartStart Savings Program offers rates at 4.00% annual percentage yield on the first $10,000 in savings, with no minimum balance or monthly maintenance fees. Additionally, the Affinity Cash Back Debit Card provides 1% cash back on all purchases up to $120 annually and offers advantages that surpass those of similar cards from banking institutions.

Affinity’s team of financial wellbeing specialists recommend that families be mindful of how moderate price increases can create a more substantial impact over time.

“While your dollar will go a bit further this year — and every cent is welcome! — we encourage consumers to still be mindful of how they spend their money,” said Kearns. “Budgeting is essential to enjoying the emotional wellbeing benefits a summer beach vacation offers, so you can bring home great memories and not extra debt or stress.”

Research was conducted via a May 2023 survey of New Jersey shore town businesses and compared to products and services surveyed in summer 2022. Businesses or goods included in the research are not endorsed by or members of Affinity Federal Credit Union.

About Affinity Federal Credit Union

Affinity is a full-service financial institution, member owned and community focused, with a mission to nurture your financial wellbeing. With more than 20 branches across the tri-state area, Affinity is the largest credit union headquartered in the state of New Jersey, proudly ranking in the top 2% of all credit unions in terms of asset size.³ The Affinity difference is about people helping people on a deeper level. Our personalized approach ensures that your unique dreams and goals are being met, in a way that is best for YOU, and with your financial wellbeing as the number-one priority. For more information, please visit www.affinityfcu.com.

¹ Source: https://www.bls.gov/cpi/latest-numbers.htm

² Source: https://gasprices.aaa.com/?state=NJ

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