Best Buy CEO Links Slower Sales To 'Funflation' Economy And Expensive Taylor Swift Tickets
Best Buy (NYSE:BBY) CEO, Corie Barry, has pointed to the current ‘funflation’ economy as a cause for a downturn in her business.
Barry stated at the Fortune’s Most Powerful Women Summit, that the spending habits of consumers have shifted towards experiences over bigger ticket electronics.
“‘Funflation,' Taylor Swift…those experiences are really where people are willing to pay,” Barry said. This has resulted in a decrease in sales for Best Buy’s televisions and PCs.
Barry explained the term ‘funflation’ as a combination of ‘fun’ and ‘inflation’, indicating a high demand for fun experiences that leads to higher prices for such experiences.
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Best Buy’s sales skyrocketed during the pandemic as consumers invested in electronics for remote work and entertainment. However, the trend has slowed as people are now spending on necessities like food and fuel, or luxuries like concerts and vacations.
Barry’s opinions match with experts from other industries who have referred to the “revenge spending” and a rising “Yolo [You Only Live Once] Economy” after the pandemic.
According to Barry, other sectors including appliances, pet supplies, and home improvement are also being affected by this recent consumer trend. However, she is optimistic about the future of Best Buy though, emphasizing the continuous innovation in the industry.
Image Via Shutterstock
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