What do you get when you combine ‘Fun’ and ‘Inflation’? You get ‘Funflation’, one of my favorite new words. And it’s not just me. Economists coined the term to describe “the increasing price tags of live events as consumers hanker for the experiences they lost during the pandemic.” (I love how they used the word ‘hanker’.)
We’ve all felt the effects of inflation. All you have to do is try buying groceries for a family of 4 (with 2 teenagers) and you’ll know what I’m talking about.
Live events, such as sports and theater, have seen prices jump in some cases by more than 25.1% in some metropolitan areas. You can thank innovation in the tech industry for the creation of dynamic pricing models, which have contributed to the rise in prices in the entire leisure and hospitality sectors.
Two of my favorite sports, Formula 1 racing and Lionel Messi joining Inter Miami FC (really just about any soccer match I’ll watch), have boosted enthusiast spending here in the U.S..
One large contributor to the rising prices of entertainment pricing was the discounted ticket prices that venues offered coming out of the pandemic to lure patrons back.
Another factor has been all the great concert tours this year, and you know I’m talking about Taylor Swift’s Eras Tour and Beyoncé Renaissance Tour concerts.
We have a couple of videos on both artist’s concert tours over on our YouTube channel if you want to hear more about Taylor Swift or Beyoncé.
‘Funflation’ drives sporting event ticket prices up a whopping 25%