Yahoo Finance Live anchors discuss the return of Germany’s Oktoberfest after a two-year hiatus as well as the increase in costs for the event.
JULIE HYMAN: Octoberfest returning in Germany this weekend after a two year hiatus due to COVID-19, but this time with much higher prices. An Octoberfest 2-pint mug of beer or liter cost between $12.80 and $14 this year. It's a 15% increase from 2019. Inflationary pressures also hit the festival's chain of production from raw ingredients like barley and hops, to beer caps and packing materials.
And, of course, it's costing more people more to get there too, right? Remember, Oktoberfest does start in September. Even though it's called Octoberfest, it tends to start in September.
- Come for the beer, stay for the pretzels, though, right?
JULIE HYMAN: Yes, I guess so.
- Philadelphia man says. Yeah, I mean, I've never been to this event and I'm, full disclosure, not a huge beer drinker, but I think for all of the people that are finally making it back to the event, it's a larger question of how much more will they be willing to spend just being grateful to be back at the gathering?
JULIE HYMAN: Right.
- Once an annual gathering.
JULIE HYMAN: Well, And this is just one example of the many gatherings across the globe that are coming back but with a higher price tag. So far, we have seen people willing to spend to go to these events, but as we see inflation continue to pinch, will that continue to be the case? We'll see.