How retail brands are trying to cash in on funflation

“Funflation” is the latest buzzword that retailers are leaning on to explain why shoppers are steering clear from durable goods, coming off a summer of record-setting concert spending and pent-up travel demand. 

But the idea that people opt to spend money on experiences instead of goods is hardly a new phenomenon, and brands are continuing to find ways to piggyback on the experience-based economy.

The newly-popularized term references the staggering increasing costs people are willing to pay for experiences — like four-figure Taylor Swift tickets or higher prices for Disney theme parks – amid of backdrop of economic uncertainty and dwindling household budgets. Its usage cropped up last week in a comment from Best Buy CEO Corie Barry at the Fortune’s Most Powerful Women Summit.

itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.

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