Results: The 'funflation' effect

Even while carrying $1.13 trillion in credit card debt, many Americans are still willing to splurge on travel and entertainment. But this summer it will cost even more thanks to "funflation," a term economists use to explain the increasing price tags of live events as consumers hanker for the experiences they lost during the Covid years. Admission prices for sporting events jumped 21.7% in May 2024 from a year earlier, according to the Bureau of Labor Statistics' consumer price index data. Have you noticed higher prices for live events?

"It's hard to overstate the impact of the pandemic. It changed the way so many people view their spending, and the result is that people are more focused on the 'right now' than thinking about 40 years from now,″ said Matt Schulz, chief credit analyst at LendingTree and author of "Ask Questions, Save Money, Make More." Since the pandemic, do you find yourself more focused on the 'right now' than thinking about the future?

Despite rising costs, 38% of adults said they plan to take on more debt to travel, dine out and see live entertainment in the months ahead, according to a report by Bankrate. Are you planning to go to any live events this summer? Comment what down below!