Americans are eagerly embracing the summer season with revenge travel and unique pop-culture experiences. However, parents, in particular, are feeling the financial strain as they pay double or even triple what they did last year for various activities. From expensive trips and summer camps to marquee events and concerts, moms and dads are hemorrhaging money. And yet, they are saying “yes” to everything. The allure of a post-pandemic summer, free from masks, travel restrictions, and fears of large crowds, has parents embracing the “more the merrier” mindset. They are willing to spend extravagantly on experiences like attending Taylor Swift’s highly anticipated Eras Tour, where tickets are priced at $1,200 or more. They’re also shelling out exorbitant amounts for sleepaway camps with unique themes and luxurious facilities, as well as lavish vacations with dedicated kids’ clubs.
For parents with 12-year-old daughters, attending Taylor Swift’s Eras Tour is considered a rite of passage. This musical extravaganza is expected to generate millions in ticket and merchandise sales at each show. While tickets start at $215, many fans are willing to pay over $1,000 for a seat, thanks to the Ticketmaster fiasco. In addition to the ticket costs, Swifties are also splurging on branded merchandise and incurring travel expenses to attend the captivating show.
Summer camp is another expense that parents have to consider, with approximately 20 million kids attending each year. According to the American Camp Association (ACA), the average daily cost of sleepaway camp is a staggering $448.53, amounting to over $3,000 per week. And that doesn’t even include additional expenses like spirit wear, Color War apparel, flights, and visiting days. Packing for sleepaway camp can be an expensive affair, with specific and pricey items required, and most kids yearning for personalized monogrammed duffel bags.
It’s worth noting that camp costs have been increasing significantly, with a 35% hike in rates from 2021 to 2022. Furthermore, 2023 is expected to bring even higher costs due to inflation. Camp Matoaka, a prestigious all-girls camp in Maine, now charges $15,400 per camper for a seven-week session, nearly $4,000 more than in 2015. Day camps aren’t much cheaper either, with an average daily fee of $178.49 and a weekly cost of $894.
While summer vacations are desired, the expenses can be exorbitant. European trips can easily cost $1,200 per person, and a seven-night Disney cruise for a family of four starts at $6,000 (for an inside cabin). Road trips are also expensive due to high gas prices. Overall, Americans are projected to spend over $214 billion on summer vacations in 2023, a significant increase from the previous year and a massive surge compared to pre-pandemic spending in 2019.
Despite the sky-high costs, families are determined to make lasting memories this summer, as evident from the numerous Instagram stories flooding our feeds. Many are resorting to financing options offered by FinTech companies like Affirm and Uplift, which allow them to pay for their experiences over time. However, there are consequences to indulging in expensive experiences, and one must be mindful of potential debt. Monthly payments for these splurges often coincide with back-to-school shopping, adding to the financial burden.
So, what can parents do? Some are opting to head south, where day camps are more affordable. For example, a month of day camp in off-season Fort Lauderdale costs the same as a week in Manhattan. Others are exploring local resources such as community camps and need-based scholarships. Some families are even choosing to forgo vacations altogether. It’s crucial to manage budgets and communicate with children about adjusting their expectations. Dr. Becky Kennedy, renowned author of “Good Inside,” suggests that this can be a teachable moment to learn how to tolerate frustration and appreciating what one has. Rather than succumbing to FOMO (fear of missing out) and constantly scrolling through social media, Dr. Kennedy advises parents to cherish moments with their families and “splurge with their presence, not presents.”
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