When things start to get expensive, we normally stop spending on concerts, events, and all the fun things in life to focus on affording the essentials, right? Nope!
Data from Bank of America suggests North Americans are spending more on concert tickets relative to their income than ever before – a trend that’s been coined “funflation”.
‘Funflation’ is what happens when pandemic lockdowns end in a cost-of-living crisis. At some point people just want to group-hug and sing Taylor Swift songs at the sold out Eras Tour. But Swifties aren’t the only funflationists in town. The ‘Barbenheimer’ summer movie blockbuster was a leading ‘funflation’ indicator, and then the Beyhive sold out Beyoncé’s Renaissance World Tour in seconds.
Today is all about spending on experiences, finding ways to have fun without the financial pain, and how Taylor Swift changed the experience economy forever.