Tag

Funflation

All articles tagged with #funflation

sports2 years ago•4 min saved

Ticket Prices for Sporting Events Skyrocket by 25% Due to 'Funflation'

Ticket prices for sporting events have surged 25.1% in October 2023 compared to the same month last year, according to the Bureau of Labor Statistics. This increase in prices, dubbed "funflation," is driven by consumers' desire to regain the experiences they missed during the pandemic. Dynamic pricing models and attention-grabbing sporting events also contribute to the rise. While some sports have seen significant price growth, tamer inflation and a return to normal entertainment spending patterns may help cool sector-specific growth. However, the rising costs are concerning for fans, with many unable to afford tickets and feeling excluded from the community experience of attending games.

via CNBC|

#consumer-spending #entertainment #funflation

economy2 years ago•2 min saved

"Unraveling the Connection Between 'Funflation' and Taylor Swift"

"Funflation" refers to a current trend where consumers continue to spend money on "fun" experiences despite inflation, rather than cutting back on overall spending. This behavior is seen in the booming live entertainment industry, particularly in the stadium tours of Taylor Swift and Beyoncé, which have generated billions of dollars in consumer spending. However, not all industries are benefiting from this trend, as Best Buy CEO Corie Barry blamed "funflation" and Taylor Swift for lagging sales of electronics. Economists expect a slowdown in GDP growth after the summer spending spree, but the probabilities of a recession have decreased.

via KTLA Los Angeles|

#consumer-behavior #economy #funflation

business2 years ago•2 min saved

Best Buy CEO Points Finger at Taylor Swift and 'Funflation' for Sales Slump

Best Buy CEO Corie Barry blames Taylor Swift and the trend of "funflation" for the company's sales slump. Barry stated that consumers are more interested in spending money on experiences like concerts rather than on big-ticket electronics. Best Buy's revenue fell nearly $1 billion in Q2, with sales at stores open for at least 14 months also declining. Taylor Swift's concert film, "The Eras Tour," raked in $95 million in one weekend, becoming the highest-opening concert film ever. Despite high ticket prices, Swifties were willing to spend on concert tickets, lodging, and possibly plane tickets, contributing to the trend of consumers prioritizing experiences over at-home tech luxuries.

via Gizmodo|

#best-buy #business #concert-film