55% of Americans plan to spend less this Labor Day compared to last year, the personal-finance website WalletHub found in its Labor Day Survey. This nationally-representative survey examines Americans’ Labor Day plans and how people have been impacted by the current economic environment. Alongside this survey, WalletHub also released its Labor Day Fun Facts report to educate and entertain consumers with stats on all aspects of the holiday – from hotdogs and history to financials and 5Ks. Highlights from the survey include:
- Many people have started working harder. 63% of people say they are working harder due to inflation.
- Inflation is impacting Labor Day travel. 61% of people are less likely to travel this Labor Day weekend due to inflation, compared to last year.
- Job security is a rising concern. 23% more people say they are concerned about their job security this Labor Day compared to last year.
- There is high demand for raises. 87% of people want a raise to keep up with inflation.
- Some people are worried about AI. 37% of people are concerned that artificial intelligence will take their jobs.
- 55% of Americans left vacation days unused in 2022.
- 818 hot dogs are eaten every second from Memorial Day to Labor Day.
- More than 668,000 workers’ lives have been saved since the Occupational Safety and Health Act was enacted in 1970.
- $174+ Billion is the annual cost of worker injury and illness in the U.S.
Q&A With Jill Gonzalez, WalletHub Analyst
How do Americans’ Labor Day plans compare to last year?
“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. “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.”
Do Americans think their jobs should adjust their pay to compensate for inflation?
“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,” said Jill Gonzalez, WalletHub Analyst. “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 have Americans changed how hard they work in recent years?
“Nearly two-thirds (63%) of Americans say they are working harder due to inflation. Many people likely feel the need to make up for lost ground in their finances by working extra hours or even an extra job,” said Jill Gonzalez, WalletHub Analyst. “Naturally, Americans who work harder also come across to their management as more reliable and more valuable employees, which makes them less likely to be laid off and more likely to receive raises and promotions.”
