Hobby economy and funflation rise
Bank of America reports that American consumers are increasing their spending on hobbies, experiencing "funflation" as prices rise in activities such as arts, crafts, outdoor recreation, and gaming. Despite higher costs, hobby spending rose nearly 8% in August, with older Millennials leading this trend, likely due to spending on both their own hobbies and those of their children. Overall, Americans continue to prioritize leisure activities despite increased expenses and shifts away from more costly travel.
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