Best Buy (NYSE:BBY) CEO, Corie Barry, has pointed to the current ‘funflation’ economy as a cause for a downturn in her business.
Barry stated at the Fortune’s Most Powerful Women Summit, that the spending habits of consumers have shifted towards experiences over bigger ticket electronics.
“‘Funflation,' Taylor Swift…those experiences are really where people are willing to pay,” Barry said. This has resulted in a decrease in sales for Best Buy’s televisions and PCs.
Barry explained the term ‘funflation’ as a combination of ‘fun’ and ‘inflation’, indicating a high demand for fun experiences that leads to higher prices for such experiences.
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Best Buy’s sales skyrocketed during the pandemic as consumers invested in electronics for remote work and entertainment. However, the trend has ...