Best Buy CEO Blames Taylor Swift for Falling Sales and “Funflation.” Taylor Swift reigns supreme in a world where corporate greed and student loan debt have caused hyperinflation in the economy .
But younger generations are more interested in enjoying experiences than technological luxuries at home, and Best Buy's CEO says the business is taking a hit.
“Funflation,” Taylor Swift… these experiences are really where people are willing to pay,” Best Buy chief executive officer Corie Barry said during Fortune’s Most Powerful Women session last week.
The concept of “funflation,” as Barry describes it, refers to the trend of consumers seeking fun experiences in products , such as televisions and computers from Best Buy. This trend seeks to bring enjoyment to our daily lives through the product, offering exciting experiences and increasing the pleasure we derive from it. Take a look at the cultural phenomenon of Barbenheimer, where the two biggest productions of the summer combined to create high expectations. Get ready to dress up in a spectacular costume, buy two tickets, and enjoy six hours of theater.
Despite consumers looking to make up for lost time from pandemic restrictions, companies like Best Buy are clearly struggling. Best Buy's revenue fell by nearly $1 billion in the second quarter year-over-year, with sales at stores open for at least 14 months also down 6.2% from last year, according to Insider.
Barry is specifically referring to Swift, who kicked off her massive The Eras tour in March and wrapped up the first leg of its U.S. tour in August. A few weeks later, Swift announced that we would all have the chance to (re)live the production in theaters, as the concert film would be released worldwide.
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Taylor Swift's The Eras tour kicked off last Friday with a revealing screening of The Exorcist: Believer from the horror film Friday the 13th. The results are encouraging, as Swift's concert managed to gross $95 million in one weekend. That performance makes it the highest-grossing concert film ever to open, according to AMC Entertainment. It's also the highest- grossing ever released domestically, selling tickets in just one weekend.
Although tickets for the “Taylor Swift: The Eras Tour” were priced at just $19.89 (€18.87) — a reference to Swift’s upcoming re-recorded album of the same name — actual concert tickets were hard to come by. The tour’s pre-sale last November caused Ticketmasteras Swift fans flocked to buy them. While Ticketmaster’s struggles were infuriating to fans, many were disappointed by the high ticket prices. Still, those prices didn’t stop fans from buying them, as the average Eras tour guest also purchased accommodations and likely a plane ticket, for a total cost that exceeded $1,000 (€948.75).
Source: gizmodo.com
