As “funflation” makes the cost of leaving the house increasingly expensive, some Americans are turning their spending toward having fun at home.
Spending on hobbies increased 7.9% year over year in August, more than double the 3.4% growth in transactions. That’s the opposite of what happened last August, when transaction growth outpaced spending growth by nearly a percentage point, according to a recent report by the Bank of America Institute analyzing the bank’s card data. That spending growth was double the increase in hobby-related transactions, suggesting consumers were spending more on each purchase.
