BASKING RIDGE, N.J.--(BUSINESS WIRE)--The average price of a Jersey Shore vacation in 2024 has risen by 7 percent according to research from Affinity Federal Credit Union (“Affinity”). While this increase is higher than the 4 percent uptick seen in 2023, it is notably lower than the substantial 16 percent surge between the 2021 and 2022 seasons.
The data, which was collected in spring 2024, shows cost increases across various categories related to a memorable shore experience. Beach services, including tags, chair, and umbrella rentals, remained steady, while food and drink costs have risen by 3.6 percent. Leisure activities, such as mini-golf and amusement park rides, experienced a significant increase of 13 percent. Travel costs saw a 11.6 percent hike, with gasoline prices notably down by 2.33 percent compared to the previous year. The survey’s full findings can be found on the Affinity website.
“The Jersey Shore remains a great destination for summer vacationers,” said Grant Gallagher, AVP, Financial Wellbeing and Brand Communications at Affinity. “Our annual survey remains a hallmark of our member-centric approach, as we strive to help vacationers enjoy their time away without compromising their financial health. It's about making informed decisions and optimizing resources to enhance overall enjoyment and affordability.”
As summer approaches, many individuals and families are eager to start their vacations. With the rise in travel costs and economic uncertainty, it’s important to plan ahead. To save money this summer, consider planning day trips or engaging in activities that are close to home to offset travel expenses. Prepare financially for vacations by saving money in advance throughout the year, instead of relying on the current balance of your bank account. Affinity reveals additional vacation-focused tips on its podcast, found here.
Despite rising prices, the New Jersey Division of Travel and Tourism expects tourism will reach 124.1 million visitors this summer and is projected to further increase to 127.4 million by 2025. Spending is expected to surge to $52.8 billion in 2024, signaling a thriving trend in economic activity. This showcases how valued these vacation experiences are among individuals and families.
“Without effective budgeting, it can be difficult to enjoy the emotional rewards of a summer vacation,” said Kevin Brauer, President & CEO of Affinity. “While we always prefer to see these leisure costs remain steady, we understand how deeply cherished the associated memories are for families. For this reason, we strive to consistently provide our members with resources to support these types of financial goals.”
Affinity’s wellbeing specialists advise families to be aware of how seemingly small price increases can accumulate over time. Proactively managing finances can better navigate these challenges and preserve their long-term financial stability.
This research was conducted via an April 2024 survey of New Jersey shore town businesses and compared to products and services surveyed in summer 2023. Businesses or goods included in the research are not endorsed by or members of Affinity Federal Credit Union.
About Affinity Federal Credit Union
Affinity Federal Credit Union 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. The Affinity difference is about people helping people on a deeper level and understanding what YOU need to make your unique dreams a reality. For more information, please visit www.affinityfcu.com.
