The cost of travel, movies, dining out and alcohol have soared in the past three years, and it’s making people rethink how they have fun. For every splurge on Taylor Swift tickets, they’re cutting back elsewhere.
Travel, movie tickets, concert tickets, sporting events, dining out, takeaway and alcohol, the cost of all has soared over the past three years in what some economists have labelled a bout of “funflation”.
Ed Sheeran’s Australian tour in March broke the record for ticketed concert attendance – twice – with prices from $89 to $189. Taylor Swift will probably beat that in February 2024 when she stages three back-to-back shows at the MCG, with even half decent seats selling for $300 or more and up to $1250.
AMP Capital chief economist Shane Oliver said the answer is a question of priorities. When you’re budget is stretched, you tend to prioritise bang for buck and what provides the maximum benefit and enjoyment. CommBank iQ data for under-35s in the six months to September showed less spending on retail services such as hair and beauty, as well as clothes and accessories, while spending on dining out and tickets held up strongly.“If you go to the pub on a Friday night and have a couple of beers, you spend $50 to $70 really quickly ... To do that on weekend, I had to enforce better weekday habits, like I won’t let myself by lunch; an extra $10 a day adds up.
After three years offering only a set menu, Noi brought back à la carte dining and introduced BYO alcohol for the first time. The result was an immediate uptick in new clients who wanted to dine at Noi but with more flexibility.
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