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Here's What You'll be Paying More For This Memorial Day

Prices for several key components of the holiday are up a lot as the summer gets underway.

Everyone looks forward to Memorial Day weekend for different reasons, from that extra day off to fall asleep on the couch to the excuse to eat endless piles of grilled meat and drink beer.

And while Americans will still be celebrating this year, high costs on everything from groceries to gas mean that the celebrations may be more moderate (or, for some, skipped altogether).

While those with higher incomes may be better equipped to deal with the burn of rising costs, as many as 50% of low income households are likely to forego the celebration this year due to cost, according to a recent survey of 1,646 people conducted by data company Numerator.

A large number--49%-- also reported that they would not dine out this holiday, while 44% said they planned to skip buying decorations.

And while drinking alcohol seems like part and parcel of many a Memorial Day celebration, 31% of the folks surveyed said they planned to cut alcohol purchases this year, too.

When it comes to inflation, however, it seems like many either don't feel it or refuse to acknowledge it, as only 33% of consumers reported that they were expecting to feel "a major impact" on their holiday plans.

And while many of us are more than content to order everything from groceries to clothing online these days, Memorial Day supplies simply don't fit into that category. The survey reports that 92% of shoppers intend to head to a local store to pick up what they need to celebrate that day.

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Less Travelers, But Meat Remains on the Menu

Inflation has also affected some people's travel plans for the holiday, with 27% surveyed saying they had decided not to travel at all this year and 20% choosing to travel a shorter distance than they normally would.

Only 12% of Southern and Midwestern residents plan to travel, in comparison to 17% of Northeastern residents.

Despite recent news that covid rates are on the rise again, people don't seem phased about the now-endemic disease affecting their holiday plans, however. 

Nearly 60% of people surveyed said they didn't expect a lingering pandemic effect to be a problem for their Memorial Day plans, with Midwestern and Southern consumers expecting it least of all.

One thing people don't seem at all willing to compromise on is meat, which is understandable as it is one of the food-related reasons why people enjoy the holiday. 85% of people said they still planned to buy it, and 75% said they also still intended to purchase beer.

One way some are planning to save is with the help of coupon cutting. More than a third, 37%, said they intended to use them, while 64% of customers said they intended to purchase sale items versus paying full price for the supplies they need.

Despite economists predicting that inflation is beginning to trend downward, consumers clearly still remain concerned--and with good reason. With the average gallon of gas topping $4.50, people are reconsidering whether many of their regular activities are worth the money, even if it's a tradition to celebrate with friends and family.