“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”.