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“Funflation” captures rising hobby spending as prices keep climbing

Bank of America data shows hobby spending rose 7.9% year over year as of August, more than twice the pace of transaction growth.

Reported · Written up by our desk · Fund Industry

Inflation can weigh on household budgets, but Bank of America is highlighting a different trend through the idea of “funflation,” meaning the rising price of fun, tied to spending on hobbies and leisure activities, ETF Trends reports.

According to the report cited by ETF Trends, hobby spending increased 7.9% year over year as of August, which is over double the rate of transaction growth, suggesting the shift is not simply keeping pace with spending activity.

The Bank of America findings also break out generational patterns, with older millennials currently spending the most on hobbies, followed by baby boomers and Gen X.

ETF Trends notes that the report describes additional differences across age groups, including that younger millennials spend less on hobbies than older millennials, though the source text cuts off before detailing the rest of the breakdown.

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