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What makes funflation unique is that it goes against normal economic trends.
Typically, highinflationrates result in consumers setting stricter budgets and spending less money.
However, recent trends show consumers are willing to spend thousands of dollars on concert tickets or travel.
The question is,how has the pandemic resulted in this trend?
COVIDs Economic Impact
Ultimately, consumers feel they need to make up for lost time from quarantine.
Funflation is our response to this.
We want to get out and socialize, shop and travel.
Many have associated funflation with Taylor Swifts Eras Tour, which brought in around$5 billionin revenue.
While this habit may have only been envisioned as a temporary concept, it ultimately became a long-term trend.
For many consumers, it remained a lingering effect of the pandemic.
The Bottom Line
Now, funflation is something that consumers should be wary of.
Funflation…could have dire consequences on their finances for a long time to come, Stearn said.
There are many ways to curb the effects of funflation.
Taking part infree or more affordable eventsand setting a strict entertainment budget are a few ways to save money.
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