A new report from the Bank of America Institute finds that American consumers are spending more on their hobbies but are facing higher prices for their enjoyment.
The report notes that Bank of America card data suggests consumers are facing “funflation” in the prices they pay for their hobbies at arts and crafts stores, hobby shops, outdoor recreation service providers and retailers that specialize in activities including hiking, camping, skiing and scuba diving.
Using that definition, card data shows spending on hobbies rose 7.9% year over year in August, which was twice as fast as the 3.4% growth in transactions. That trend is the opposite…
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