(WHTM)– We’ve all heard of inflation and you may have heard of shrinkflation in the grocery store, but here is the newest term: funflation!
Remember hearing how people were paying a thousand, two thousand dollars or more to see Taylor Swift this summer? Same for country star Morgan Wallen and other red-hot summer concerts.
The New York Times calls that “Funflation.” It says while grocery prices are finally flattening that’s not the case when it comes to entertainment.
- Concerts
- Broadway shows
- airline tickets
- hotel rooms
- Airbnbs
These are all things that are not essential, but things where prices have soared dramatically since pre-pandemic times. They now fall into the “Funflation” category, things we really want to do, like that beach vacation, that now cost 25 or 50% more than just a few years ago.
And from the doesn’t that stink file a main reason for funflation: revenge spending on travel and services.
For two years during COVID-19, very few people got on airplanes or went to shows and concerts. Now, everyone wants to go, no matter how high the price is. That’s what revenge spending is all about.
But it leads to higher prices so don’t blame your waiter or favorite singer: it’s everyone’s fault, for wanting to go.
So while some prices may be easing a bit, the cost of having fun has not, so keep that in mind so you don’t waste your money.
