What is ‘funflation,’ and why is it worrying this electronics giant?
That was Best Buy BBY, +1.57% CEO Corie Barry blaming the electronics giant’s slipping sales on shoppers spending their money on experiences instead of products like new TVs or tech devices.
Funflation, a combination of the words “fun” and “inflation,” refers to the recent boom in consumer spending on entertainment and experiences, with the high demand running up the cost of enjoying those experiences.
Indeed, this summer’s concerts and blockbuster films added an estimated $8.5 billion to U.S. growth this quarter, according to Morgan Stanley. The shift to people spending their money on experiences rather than material goods or products in the wake of the COVID-19 pandemic has had many names, including “revenge travel” or the “you only live once,” aka “yolo” economy. U.S. consumers have remained resilient in the wake of high inflation, high interest rates, and the recent resumption of federal student loan payments. Overall, U.S.
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