Tags: entertainment spending | inflation

We Are Not Amused: Americans Cut Back on Entertainment

We Are Not Amused: Americans Cut Back on Entertainment
New York Yankees center fielder Aaron Judge (99) flys out during the eighth inning in Game 2 of baseball's American League Championship Series between the Houston Astros and the New York Yankees, Oct. 20, 2022, in Houston. (Eric Gay/AP)

By    |   Monday, 20 February 2023 12:29 PM EST

More expensive baseball game tickets and heftier bar tabs caused Americans to cut back on entertainment in 2022, and 2023 looks to be as dull.

Seventy-one percent of Americans say inflation impacted their entertainment budget in 2022, and 59% turned down some activities with friends and family because of money, a survey of 2,290 people by Solitaire Bliss found.

By category, 81% spent less on movie theater visits, 74% cut back on concerts, 69% went less often to sporting events, and 64% visited the theater or comedy club less frequently.

However, 35% increased what they spent on streaming services in 2022. They also shelled out more for restaurants, bars and clubs (34%); gambling (30%); concerts and festivals (29%); and classes and workshops, like dance and cooking (28%).

Americans said they will continue to cut back on entertainment spending in 2023, with the top five categories getting trimmed being:

- Restaurants, bars & clubs
- Gambling
- Streaming services & live TV
- Concerts and festivals
- Sporting events

The average American household spends $2,628 on entertainment a year, with the budget increasing the more people there are living under one roof. Singles spend an average of $2,007 a year on entertainment; couples, $2,812; and families, $2,984.

Diversions become more meaningful to Americans during periods of strife. Being able to escape into a movie theater during the Great Depression for just 25 cents, for instance, spurred the Golden Age of Hollywood.

People living during that time also enjoyed speakeasies, dance halls, good, old-fashioned books and listening to the radio.

Splurging even just a little on entertainment can help people balance out worries during periods of economic difficulties. While unemployment in the U.S. is at a 54-year low of 3.4%, hundreds of thousands of people have been, and continue to be, laid off, particularly in technology and banking — and fears of a recession in the U.S. are running high.

Inflation may have ticked down from a peak of 9.1% last June to its current 6.4%, but food, housing and energy inflation is still in the double digits — and most people, if they have gotten a raise, are not seeing increases anywhere that high.

We all need to have a little fun, once in a while.

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StreetTalk
More expensive baseball game tickets and heftier bar tabs caused Americans to cut back on entertainment in 2022, and 2023 looks to be as dull.
entertainment spending, inflation
374
2023-29-20
Monday, 20 February 2023 12:29 PM
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