Is there any end to inflation's cruel ways?!
A new survey from Qualtrics, on behalf of Intuit Credit Karma found that 46% of Americans are spending less money on entertainment than they were before the pandemic, and 58% say they've had to cut back on their entertainment spending due to the rising cost of activities related to inflation.
Basically, inflation is making it too expensive to have any fun.
One group who is still willing to shell out for entertainment though is Gen Z.
The survey found that 43% of Gen Zers are spending more on entertainment then they were before the pandemic.
While consumer spending for events like live concerts, theme parks, theater, and Broadway shows and movies were highest among Gen Z and millennials, 43% of Gen Z consumers spent money on concerts compared to 34% of millennials and Gen Z consumers spend more on movies at 43% compared to 33% for millennials.
The survey theorized that one reason behind Gen Z's impulse spending is linked to FOMO, or a "fear of missing out" on an event.
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