Small businesses are facing ‘summer of uncertainty’
NEW YORK, N.Y. (AP) — Small businesses that depend on outdoor crowds and free-spending tourists aren’t sure what to expect this summer.
Consumers likely have a lot of pent-up demand after more than two years of the pandemic.
The U.S. Travel Association predicts travel spending will be slightly above pre-pandemic levels. But consumers are also facing some significant financial headwinds.
Inflation is making day-to-day living more expensive, which could leave less money for discretionary spending.
Gas prices are up more than 60% from a year ago and hotel rooms and airfare are pricier as well, putting pressure on travel budgets. And COVID-19 remains a looming presence.