In the wake of global economic challenges stemming from the COVID$-19$ pandemic, a captivating economic phenomenon

has emerged $$ funflation. Coined by economists to describe the phenomenon of increased spending on entertainment

and experiences, particularly concerts, despite escalating living costs, funflation challenges conventional economic norms

$($Vassar$,2021$ Whelan and Steele, $2023).$ Consumer spending is shifting to experiences, reflecting a profound shift in

priorities driven by the growing significance of experiences in shaping consumer behaviour and driving economic value

$($Vassar$,2021).$

As the prices of various leisure activities, such as dining out, attending concerts, or sporting events, and going to

amusement parks, have been steadily increasing in recent times, the demand for such experiences remains unabated.

Funflation is characterised by a deliberate and sustained choice by consumers to invest in the pursuit of experiences,

leisure, and entertainment activities, challenging the traditional belief that economic downturns should lead to frugality

$($Herrmann$,$ Rhein & Str$$ter$,2022$ Quelch & Jocz, $2009).$

Contrary to historical trends in which economic downturns prompted consumers to tighten their belts and focus on essential

purchases, funflation showcases a unique resilience. Despite inflation reaching new highs in recent times, individuals are

actively steering their discretionary funds toward experiences. This deliberate choice to prioritise enjoyment over mere

consumption signals a departure from traditional economic responses.

At the heart of funflation lies a collective response to the pandemic. Lockdowns and restricted events have left people

yearning for the experiences they missed. The surge in spending on concert tickets, epitomised by mega$-$events such as

Taylor Swift$$s Eras Tour, is not merely a transient desire for escapism but a tangible expression of reclaiming lost time. In a

recent study, Vassar $(2021)$ discusses the growing significance of experiences in shaping consumer behaviour and driving

economic value, highlighting how consumers are increasingly prioritising experiences over material possessions, seeking

memorable and immersive interactions that fulfil their desires for personal fulfilment and social connection.

The economic effect of funflation is substantial, with major events contributing significantly to consumption growth. Swift$$s

tour, estimated to generate around $$5$ billion in consumer spending, underscores the financial magnitude of experience While some economists anticipate a more muted GDP growth in the short$-$term, the overarching narrative suggests that

funflation is more than a momentary deviation. The allure of live music and unforgettable experiences signals a profound

shift in priorities. Furthermore, Vassar $(2021)$ discusses the role of technology in enhancing and personalizing these

experiences, allowing businesses to better understand and meet the evolving needs and preferences of their target

audience.

However, it is essential to acknowledge the potential downsides of funflation. Excessive spending on experiences might

lead to imbalances in personal finances, potentially exacerbating economic inequalities. Moreover, industries not directly

benefiting from funflation, such as electronics, could face challenges, affecting overall economic stability. Funflation is not a

fleeting economic escapade but a compelling and convincing shift in consumer behaviour.

Vassar's $(2021)$ discourse underscores the transformative impact of the experience economy on consumer behaviour and

business practices, urging organisations to embrace innovation and creativity to thrive in this new economic landscape.

Striking a balance between indulging in experiences and maintaining financial prudence becomes imperative as we

navigate these uncertain times$\mathrm{.}1\mathrm{.}1.$Based on the requirements prescribed for the proposed study, use the table below to undertake a preliminary analysis of

what should inform the title of proposed study in the light of the $5$Ws$.1\mathrm{.}2.$Based on the outcome of the $5$W analysis, formulate an appropriate title for the proposed study. $(3$ marks$)$

$1\mathrm{.}3.$State the aim and significance of the proposed study. $(3$ marks$)$

$1\mathrm{.}4.$Based on the employer$$s questions for the investigation, formulate SIX $(6)$ research objectives for the proposed

study. $(6$ marks$)$

$1\mathrm{.}5.$Given the phenomenological paradigm prescribed as the framework for the proposed study, rationalise the foundational

research philosophy shaping this investigation. $(4$ marks$)$

$1\mathrm{.}6.$Building upon the research philosophy, propose and elaborate on a fitting research design tailored to the objectives of

the study.