Millennials put the “fun” in “funflation.” Recently, older Millennials have spent more on hobbies than other generations, even though they’re the generation with the least amount of free time. Bank of America (BofA) data shows hobby spending climbed 7.9% year-over-year in August, more than double the transactional growth, a reversal from the year before. BofA defines hobby spending as money customers spend at arts and crafts stores, hobby shops, outdoor recreation providers, and retailers that specialize in hobbies (think: hiking, skiing, scuba diving, etc.). Older Millennials spend $210 on a three-month rolling average, while Boomers and Gen X spend $200, younger Millennials spend $150, and Gen Z spends less than $100. Besides spending on hobbies for themselves, older Millennials are likely spending on their kids’ hobbies as well. Meanwhile, Gen Z hobby spending is slowing down—not necessarily because they’re doing less, but because their hobbies are less expensive, like arts and crafts and video games. The data also suggests that with higher fuel costs, young consumers are shifting away from travel towards hobbies they can afford more easily. (TheStreet)
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