What is ‘funflation,’ and why is it worrying this electronics giant?
That was Best Buy BBY, -1.18% 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.
What’s more, Bank of America’s September “Funflation in Full Force” analysts note said that global live music revenue soared to $25.3 billion in 2022, which is nearly double what it was in 2021. “Live entertainment is currently the brightest star in the broader media and entertainment universe,” the Bank of America BAC, -2.41% note added.
“Consumer spending in 3Q23 is benefitting from large one-offs in consumer spending on ‘Barbenheimer,’ Taylor Swift’s ‘The Eras’ tour, and Beyoncé’s ‘Renaissance’ tour,” Morgan Stanley economist Sarah Wolfe also wrote in an August note. But tougher times may be ahead. “The unwinding of these events, combined with the expiration of the student loan moratorium equal 1.4% downside to real in 4Q23,” she added.
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