‘Funflation’ Drives Americans Toward Pricier Hobbies as Leisure Costs Rise
Bank of America said hobby spending rose 7.9% in August as consumers shifted from pricier travel to lower-cost leisure activities.
- John Gathergood, an economics professor at the University of Nottingham, defined "Funflation" as the escalating cost of leisure activities, while the Census Bureau reported sales at hobby stores rose 10.7% in the 12 months through August.
- The BofA suggested the growth in "hobby spending" reflects consumers balancing "a shift away from travel due to higher prices from rising fuel costs," as jet fuel prices jumped 116% year-on-year.
- Despite rising prices, Americans planned to spend an average of nearly $2,900 on travel, with 71% of respondents telling PWC they expect to spend the same or more than last year.
- "I think this is like the summer of trade-offs, especially for lower and middle-income households," said Joe Wadford, a Bank of America Institute economist, noting consumers adjust by eating out less.
- Dan Wasiolek, a senior equity analyst at Morningstar, noted that the Covid-19 pandemic accelerated a shift towards "spending on experiences rather than 'things,'" reflecting longer-term consumer behavior changes.
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According to Bank of America research, millennials are the generation that currently spends the most on hobbies both their own and their children.
'FUNFLATION' HITS THE HOBBY SHOP: New Data Shows Americans Paying More for Less Fun as Prices Outpace Spending
Bank of America Institute card data shows hobby spending jumped 7.9% year over year in August while transactions grew just 3.4% — meaning Americans are paying steeper prices for the same pastimes. Older millennials lead the spending, and rising fuel costs are pushing families away from travel and back toward the crafts table.
Elder millennials are driving a hobby renaissance in 2026, but ‘funflation’ could ruin the party
Want to have some fun this fall? It’ll cost you. The Bank of America Institute has released a new report on the hobby economy, and it shows that the price of fun is going up. According to BoA card data, hobby spending increased in August by more than double the pace of overall transaction growth. In other words, consumers are dropping more cash on their hobbies, but their hobbies are also getting significantly more expensive. Right now, hobby c…
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