How Inflation Is Driving up the Cost of Summer Camp Podcast Por arte de portada

How Inflation Is Driving up the Cost of Summer Camp

How Inflation Is Driving up the Cost of Summer Camp

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 In this episode, we listen to the CEO of American Camp Association, Tom Rosenberg to hear how inflation is driving up the cost of summer camps. It’s an interesting listen as he is interviewed by Yahoo Finance and I give you my personal reaction too. Podcast episode transcript: Hello and welcome to There’s No Place Like Summer Camp. I’m your host, Andrew Waterhouse. And in today’s episode, I’m taking a look at how inflation is driving up the cost of summer camps. So coming into our tent, and I’ll spill the beans I believe this is episode 84. As we are quickly honing in on that magic 100th episode, in this episode is something a little bit different again. So…a bit about me is in 2020 onwards, I’ve been very interested in getting into the financial system, investing, crypto, short squeezes, and loads of different things. And it was one of those hobbies that I really picked up during the pandemic. Because I was sat at home, I’d always wanted to get myself involved in economics and make myself financially independent and learn the intricacies of stock markets and shares and growth and that sort of thing. Now, I shortly recently just say, I recently saw an article come up on YouTube from Yahoo Finance. And the title was how inflation is driving up the cost of summer camps. So in this episode, we’re going to be watching this interview on Yahoo Finance, and doing some commentary over the top. So let’s give it a watch. Now, before I start this, I know that your audio isn’t going to be the greatest I’ve done. Like everything I possibly can to try and catch the audio of this. Of course, if you want to go and check it out, you can go on to Yahoo Finance and search for how inflation is driving up the cost of some accounts, you can watch it yourself, otherwise, you’re going to be listening along with me. And I’m just going to be doing my commentary over the top. Okay, let’s see how this goes. This is Yahoo Finance and how inflation is driving up the cost of summer camp. Here’s the Yahoo Finance video: Speaking of COVID, we know they did affect a lot of summer camps over the past few years. In fact, according to the ACA, the average cost of Bandcamp now has more than doubled to $178 a day compared to about $76 last year. Now that’s a ridiculous stat from 2021 average cost of a day camp was $76. Fast forward to 2022, just one year later, that’s $178 a day. That’s mental. And that’s a day camp. That’s not someone like staying for days upon days upon days, that’s just like going to camp for the day. It’s like that’s ridiculous numbers I’m seeing across the board. Prices are going through the roof. I’m trying to get a house at the minute at the time of recording this, I’m trying to get a house. And we offered 10,000 pounds over the asking price and we still didn’t get it we got outbid by someone else. It just goes to show that at the minute, I think prices are very susceptible to a complete and catastrophic crash. Because it’s not sustainable to have prices more than double in a year. And the inflation rates at the minute are like mirroring double digits. wages aren’t keeping up, everyone’s going to have to like cut back on their non-essential spending, which is why you’re seeing things like Netflix’s share price, absolutely crater over one day, they lost about 40% over one day just because their metrics weren’t a lining up. So from $76 in 2021, for an average cost at a day camp to 178 in 2022. So let’s carry on with their interview and see where this goes. Let’s let’s bring in our guest Tom Rosenberg, the American Camp Association, President and CEO, thank you for joining us. So first of all the top expenses that are now driving some of these prices up and are there any ways to release with these parents in terms of perhaps financing? Well, yeah, it can cost the cost of providing camp just like everything else right now is really going up. We’ve had increases in labour. We’ve labour costs, food costs, program supply costs, and COVID-related costs, everything has gone up. So cancer are are trying to operate at scale this summer, which is different from the past few summers. So there will be an additional expense most camps have to pass along. Some price increases to families. We thought we found this specific on how much day camps have increased, almost doubled. How about sleepaway camps? And what’s been the biggest challenge? Why are those prices increasing so high? I would say labour is one part of it. Certainly, there’s a shortage of qualified staff to work in camps. And so we’re trying to hire as many staff as we can to operate. So just to give it a pause there, the average cost of a sleepaway camp has tripled year over year. So currently, we’re sitting at $449 a day, on average to have a sleepover to have your child at a sleepaway camp. Now, that is ridiculous. I thought prices were ridiculous when I was volunteering at summer ...
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