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    Four 'dream jobs' for people who love to travel

    Many people occasionally travel for work.
    But for some, travel is at the heart of their jobs.

    CNBC Travel spoke with people from four industries about occupations where working from home — or an office for that matter — isn’t an option.

    A year of travel

    Name: Sebastian ModakJob: Former New York Times “52 Places Traveler”
    Modak was one of 13,000 people who applied for a role that sent one person to every destination on The New York Times’ “Places to Go” list in 2018 — the first year the newspaper hired for the position. 
    He didn’t get the job.
    “A year later I figured, why not give it a shot again,” he said. “This time it worked out!”

    As the “52 Places Traveler” for 2019, Modak traveled to a new destination every week — from Bulgaria to Qatar and Uzbekistan to Vietnam — in a year he described as both thrilling and grueling.
    “I often say it was one of the greatest experiences of my life … but also the hardest,” he said.  “I didn’t have a day off for a whole year, and the constant pressure of deadlines was hard to cope with.”

    Modak, who is now the editor-at-large for travel publisher Lonely Planet, said his advice for aspiring travel writers is to admit you know nothing. “The first step to finding and telling compelling travel stories is asking questions and admitting that you have so much to learn.”
    Source: Sebastian Modak

    Modak said the job requires someone who can “do it all,” from writing articles and posting on social media to shooting photographs and videos, he said.
    “It was a lot!” he said. “Besides storytelling skills, they were looking for someone with the stamina to get through the whole year.”
    He mostly credits luck for getting the job, but he said he believes his upbringing and enthusiasm for travel helped. Modak’s father is from India, and his mother is Colombian, he said, so “as a cultural compromise, they essentially decided to move constantly.” As a result, he grew up in places like Hong Kong, Australia, India and Indonesia, he said.
    Modak said the job — which has been heralded as the quintessential “dream job” — was exhausting, stressful and even scary at times, yet one of constant growth and adventure.
    “I wouldn’t take it back for the world,” he said. “It blew my mind wide open, introduced me to people on six continents … and cemented my love for going to a place and seeking out a story.”

    ‘Humanitarian hero’

    Name: Sandra BlackJob: Communications specialist for the United Nations
    Black’s job doesn’t take her to typical travel spots, and her work trips are anything but overnighters.
    Since 2008, she’s lived and worked in Senegal, East Timor, the Central African Republic, Iraq and, more recently, Mozambique, in roles that last from several months to years.
    “Each [place] has its cultural highlights and warmth,” she said, while noting that living “where movement is restricted due to security concerns” is the most challenging part.
    Since October 2021, Black has handled external communications for the Mozambique office of the United Nations Populations Fund, an agency of the U.N. that focuses on reproductive health and rights and which is entirely funded by donations, according to its website.          
    “I personally feel driven to support those in greatest need,” she said.

    Sandra Black (left) with women participating in a carpet-making project in a resettlement site after Cyclone Idai hit Mozambique in 2019.
    Source: IOM/ Alfoso Pequeno

    Black wrote about people who were displaced by Cyclone Idai in 2019 — one of the worst hurricanes on record to hit Africa — while working for the U.N.’s International Organization for Migration. She recalled meeting a woman named Sarah who climbed up a tree with her baby after her house collapsed from flooding. The woman said she was rescued seven days later.  
    Originally from New York, Black speaks French, Spanish, Portuguese and a basic level of Wolof, the national language of Senegal, and Tetum, a language spoken on East Timor. She said her language abilities are partly why she’s been urgently deployed to cover humanitarian crises.
    “At night, I type until I can’t keep my eyes open any longer, and then start again at 6am the next day,” she said in an interview for the U.N.’s “humanitarian hero” campaign in 2014.
    “The most meaningful part of humanitarian communications is to provide a platform for people affected by conflict and natural disasters to tell their stories,” she said. “Many sincerely want the world to know what happened to them and their communities.”

    From chef to captain

    Name: Tony StewartJob: Yacht captain
    Stewart said he expects to travel for nine months in 2022 at the helm of the 130-foot tri-deck “All Inn” motor yacht. He’s already moved from the Caribbean to Central America and Mexico. From the West Coast of the United States, he’ll go to British Columbia’s Inside Passage and on to southeast Alaska, then fly to Florida and finish the year in the Bahamas, he said. 
    That’s slightly longer than a “typical year,” he said, partly because of an increase in charter business this year, he said. 
    Stewart said he started out in the yachting industry as a chef in 1998, and “immediately fell in love with the lifestyle, work and travel.” After a year and a half of cooking, Stewart made a career switch.

    Tony Stewart has captained three motor yachts since 2006, he said, including the 130-foot Westport tri-deck yacht named “All Inn.”
    Source: Fraser Yachts

    “I decided I wanted to work towards getting my license and become a captain, at which point I took a job as [a] deckhand and started my journey,” he said.
    The job requires strong problem-solving skills, organization and a high tolerance for stress, said Stewart. Captains do “a little bit of everything,” he said, from trip planning and accounting to “HR duties” for the crew and golf bookings for guests.
    As to whether it’s a dream job — “it absolutely is,” said Stewart.
    “We endure long days, and sometimes weeks without days off,” he said, but “I couldn’t imagine doing this … and not loving it.”

    Italian villa expert

    Name: Amy RopnerJob: Head of villas at the U.K.-based luxury travel and villas company Red Savannah
    Of the 300 villas that Red Savannah works with, about 120 are in Italy, said Ropner. She estimates she’s visited about 80% to 90% of them.
    She travels from London to Italy to assess the company’s collection of “exceptionally high-end” villas and to evaluate new homes to add to the company’s roster, she said. During a recent trip, she traveled from Milan to Lake Como, down to Tuscany, then further south to the towns of Amalfi and Positano, she said. Her next trip is to Puglia, she said, “because it’s beautiful and rugged and really popular at the moment.”

    Red Savannah’s Amy Ropner said her work mainly focuses on Italian villas, but also rental homes in Greece, Spain and the Caribbean. “I’m always ready to go at any point … we’re always moving.”
    Source: Red Savannah

    Some 90% of the houses are privately owned, said Ropner. She meets owners and analyzes everything from the size of the pool decks to the beds (“there’s a difference between a British king and an American king”).
    Most bookings involve children, so she checks that staircases and balconies are safe for all ages; if not, the company notes this on the website, she said.
    “We need to [know] whether there’s cats on the estate, whether it’s down a dirt track … which obviously takes a little bit longer to get to … where the sun rises, where the sun sets,” she said.  
    Ropner often stays in the villas, which rent for $5,000 to $200,000 per week, she said. She also explores local areas, so she can advise on restaurants, boat rentals and new services such as e-bike trips and gelato-making classes, she said.  
    “I think people think it’s all glamorous [but] it’s a lot of work,” she said, noting that she once saw 50 villas in one trip.
    “It is glamorous,” she said, “but it also can be tiring.” More

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    Stock futures rise after Dow falls for 8th-straight week in relentless sell-off

    Traders on the NYSE, May 20, 2022.
    Source: NYSE

    Stock futures rose in overnight trading Sunday after the Dow Jones Industrial Average fell for its 8th straight week amid a broader market sell-off.
    Futures on the Dow industrial average gained 224 points, or 0.72%. S&P 500 futures added 0.9% and Nasdaq 100 futures rose 1.11%.

    The moves came after the S&P 500 on Friday dipped into bear market territory on an intraday basis. While the benchmark was down 20% at one point, it did not close in a bear market after a late-day comeback.
    In Friday’s regular trading session, the S&P 500 closed 0.01% higher at 3,901.36 after falling as much as 2.3% earlier in the session. The Dow added 8.77 points at 31,261.90 after sinking as much as 600 points and the Nasdaq inched 0.3% lower.
    The S&P 500 currently sits 19% off its record high while the Dow is down 15.4%. The Nasdaq is already deep in bear market territory, down 30% from its high.
    Last week marked the Dow’s first eight-week losing streak since 1923, while the S&P 500 capped a seven-week losing streak, its worst since 2001.
    The Nasdaq saw its seventh negative week in a row for the first time since March 2001. The tech-heavy index also saw its lowest intraday level since November 2020 on Friday.

    Eight of 11 sectors ended the week in the red, led by consumer staples, which dipped 8.63% and had its worst weekly performance since March 2020. Energy finished the week on top, rising 1.09%. Consumer discretionary and communication services also finished the week more than 32% off their 52-week highs.
    “Investors are trying to come to grips with what exactly is happening and always try to guess what the outcome is,” said Susan Schmidt of Aviva Investors. “Investors hate, and the markets hate uncertainty, and this is a period where they don’t have any clear indication on what’s going to happen with this push-pull between inflation and the economy.”
    Investors are looking ahead to a new batch of earnings this week, including an array of big retail names. Zoom Video is set to report results Monday followed by Costco, Nvidia, Dollar General, Nordstrom and Macy’s later in the week.

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    Oxfam calls for an end to billionaire 'bonanza,' say millions are falling into extreme poverty

    There were 573 more billionaires in the world by March 2022 than in 2020, when the pandemic began, Oxfam said in a brief on Monday.
    On top of that, it estimated that 263 million people could be pushed into extreme levels of poverty in 2022.
    The organization pointed out that billionaires are now collectively worth $12.7 trillion — equal to nearly 14% of global gross domestic product.

    Olga Shumytskaya | Moment | Getty Images

    A new billionaire emerged every 30 hours during the Covid-19 pandemic, and nearly a million could fall into extreme poverty at around the same rate in 2022. Those are the sobering statistics recently released by Oxfam.
    There were 573 more billionaires in the world by March 2022 than in 2020, when the pandemic began, the global charity said in a brief that was published on Monday, the first day of the World Economic Forum summit in Davos, Switzerland. That equates to one new billionaire every 30 hours, Oxfam said.

    On top of that, it estimated that 263 million people could be pushed into extreme levels of poverty in 2022 because of the pandemic, growing global inequality and rising food prices that have been exacerbated by the war in Ukraine. That’s the equivalent of nearly a million people every 33 hours, Oxfam said.
    The organization pointed out that billionaires were collectively worth $12.7 trillion as of March. In 2021, billionaire wealth represented the equivalent of nearly 14% of global gross domestic product.
    Gabriela Bucher, executive director of Oxfam International, said that billionaires were arriving at the Davos summit to “celebrate an incredible surge in their fortunes.”
    “The pandemic and now the steep increases in food and energy prices have, simply put, been a bonanza for them,” she said.
    “Meanwhile, decades of progress on extreme poverty are now in reverse and millions of people are facing impossible rises in the cost of simply staying alive,” Bucher added.

    Pandemic windfalls

    Honing in on soaring wealth in specific business sectors, Oxfam said the fortunes of food and energy billionaires rose by $453 billion in the last two years, equating to $1 billion every two days.
    For instance, food giant Cargill was reported to be one of four companies that control more than 70% of global agricultural market, Oxfam said. The corporation, owned by the Cargill family, generated a net income of nearly $5 billion last year — the biggest profit in its history. There are now 12 billionaires in the Cargill family alone, it said, up from eight prior to the pandemic.
    Meanwhile, Oxfam said the pandemic created 40 new billionaires in the pharmaceuticals sector. The billionaires are those who profited from their companies’ monopolies over vaccines, treatments, tests and personal protective equipment.
    In order to prevent even starker wealth inequality, and to support people with rising food and energy costs, Oxfam recommended that governments impose one-off solidarity taxes on the pandemic windfalls of billionaires.

    Ending ‘crisis profiteering’?

    The charity also suggested that governments end “crisis profiteering” by introducing a 90% temporary excess profit tax on the windfalls generated by big corporations across all sectors.
    Oxfam also proposed a permanent tax to rein in extreme wealth, monopoly power and the higher carbon emissions produced by the super-rich.
    It said that an annual wealth tax starting at 2% on millionaires and 5% on billionaires could generate $2.52 trillion a year. That would be enough to lift 2.3 billion people out of poverty, make enough vaccines for the global population, as well as deliver universal health care and social protection for those living in low and lower-middle income countries.
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    Another baby formula shipment from Europe to arrive in the U.S. on Wednesday

    FedEx Express has secured a government contract to bring another international shipment of infant formula to the U.S. on Wednesday, NBC News reported.
    The move is meant to address a critical shortage of baby formula in the U.S.
    Regulators are increasing baby formula imports from other countries to help. The first shipment, carrying 78,000 pounds of specialty infant formula, arrived Sunday.

    Pallets of Nestle Health Science Alfamino Infant and Alfamino Junior formula are unloaded from a US military aircraft at Indianapolis International Airport in Indianapolis, Indiana, US, on Sunday, May 22, 2022.
    Kaiti Sullivan | Bloomberg | Getty Images

    FedEx Express has secured a government contract to bring another shipment of infant formula to the U.S. on Wednesday, NBC News reported.
    The Express plane will fly Nestlé baby formula from Ramstein Air Base in Germany to Dulles International Airport near Washington, D.C. From there, the formula will be transported to a Nestlé facility in Pennsylvania. It’s unclear how much formula the plane will carry.

    The move is meant to address a critical shortage of baby formula in the United States after top formula maker Abbott Laboratories closed a manufacturing plant following reports of bacterial infections in four infants.
    Abbott said it would take about two weeks to reopen the plant and up to eight weeks for products to hit the shelves nationwide. That’s left a wide gap for scores of parents across the nation.
    In an effort to ease the burden, the Food and Drug Administration is increasing baby formula imports from other countries. Dubbed “Operation Fly Formula,” the first shipment, carrying 78,000 pounds of specialty infant formula, arrived Sunday.

    Empty shelves show a shortage of baby formula at a Target store in San Antonio, Texas, May 10, 2022.
    Kaylee Greenlee Beal | Reuters

    President Joe Biden has also invoked the Defense Production Act to increase baby formula manufacturing. His administration is seeking to stock shelves with 1.5 million containers of Nestle specialty infant formula.

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    Foreign investors are fleeing China

    Jing’an century, a housing development with ponds and lush greenery in north Shanghai, should have been bustling with activity as workers put the finishing touches on flats. Instead the area is silent. A two-month lockdown of the city of 25m people has forced the developer, a large group called Yanlord, to halt construction on the site. Homebuyers have been on edge for months as some of the country’s largest developers default on bonds and struggle to deliver homes to ordinary Chinese buyers.Now Yanlord, until recently considered to be in tolerable shape, has been forced to tell customers they will not receive their properties on time. At least 20 housing developments across the city have announced similar delays. Many other property projects have been forced to stop selling units. The lockdown has been so severe that roadblocks and police checkpoints have appeared across the city. Workers, building materials and sales agents have simply been unable to reach construction sites. Meanwhile Yanlord’s pre-sales of homes fell by more than 80% in April, compared with the previous year.China’s property crisis is not new. But growing fears among foreign investors of a grand policy disaster are. The combination of a serious downturn in the housing market and Xi Jinping’s uncompromising zero-covid policy is just one recent conundrum that has led foreign fund managers to question whether China is losing its pragmatic approach to managing the economy. Mr Xi’s insistence on using prolonged lockdowns to rid China of the Omicron variant, as well as his backing for Russia’s war in Ukraine, are being seen as ideological pursuits that ignore economic and geopolitical realities. Add in the timing of his crackdown on tech groups such as Alibaba, an e-commerce company, and on the leverage of property giants such as Evergrande, and it helps explain why some of the world’s largest investment groups are questioning the quality of leadership in Beijing. Many attribute this and other ideological campaigns to preparations for the Communist Party congress set to be held in the autumn, at which Mr Xi is expected to be granted another five years in office. The events of 2022 could shape how global investors view China for years to come.In little over a year Mr Xi’s policies have had a profound impact on global markets—and a painful one. They have knocked $2trn from Chinese shares listed in Hong Kong and New York. Chinese initial public offerings in these two cities have nearly ground to a halt this year. China’s property firms have sold just $280m in high-yield dollar bonds so far in 2022, down from $15.6bn during the same period last year, according to Dealogic, a data provider. Within China, the value of yuan-denominated financial assets held by foreigners fell by more than 1trn yuan ($150bn) in the first three months of 2022, the biggest drop ever. The Institute of International Finance (iif), a bankers’ group in Washington, forecasts that a total of $300bn in capital will flow out of the country this year, up from $129bn in 2021. Onshore markets were one of the linchpins in China’s relations with the outside world. The belief that they would continue to open up and yield high returns helped to maintain links with powerful, Western financiers hoping to strike it rich. Even as relations between America and China soured during the Trump years, and a trade war dampened global sentiment, an exuberance for onshore securities took hold of many of the world’s biggest financial groups. As relations with the West deteriorated, regulators in Beijing began expediting long-promised reforms, eventually allowing foreign financial groups to wholly own their onshore businesses. The policies were a clear sign that Beijing meant business. And the West reciprocated. In 2018 msci added Chinese shares to its flagship emerging-markets index. Several other index inclusions followed, leading to a windfall in inflows into onshore Chinese securities. Between the start of 2017 and a peak at the end of 2021, foreign financial exposure to yuan-denominated assets (stocks, bonds, loans and deposits) more than tripled from about 3trn yuan to 10.8trn yuan.That elation is now quickly dying off. Many foreign investors simply grew too enthusiastic about China in recent years and chose to ignore the risks, says Hugh Young of Aberdeen, an asset manager. The market is now waking up. The view from many investors is that, although China has never been more open to foreign capital flows, it has also not been this ideologically inflexible in recent memory. China’s support for Russia’s war in Ukraine has led to concerns over its claim on Taiwan, which it says it will eventually take back by any means necessary. Geopolitical concerns such as this are part of a broad recalibration of the risks associated with China. “Policy risk has increased markedly,” says Neil Shearing of Capital Economics, a research firm. That has led to an increase in the risk premia on Chinese assets demanded by investors.Some top investment groups are becoming more public about these views. BlackRock, a giant asset manager that has been expanding rapidly in China, said on May 9th that it had shifted its 6-to-12-month view of Chinese equities to “neutral” from “modest overweight”. This is mainly because of the bad economic picture, but also reflects China’s ties to Russia. Julius Baer, a private bank, said in April that it was ending a five-year call that Chinese equities would eventually become a “core asset class”.This shift has contributed to a foreign sell-off of onshore stocks and bonds. The selldown of yuan-denominated bonds has also been driven by a weaker currency and higher interest rates in America. The value of foreign-held equities in China has fallen by nearly 20% in the first three months of the year, or by about 755bn yuan. Much of this drop is explained by a fall in stock valuations; the csi 300, a key index, is down by more than 17% since the start of the year. But foreign investors are also scaling back their exposure. Foreign equity holdings as a share of China’s stockmarket fell from about 4.3% at the end of 2021 to just below 4% in March. Gavekal, a research group, calculates that total foreign equity holdings have fallen by about 2% so far this year. Prolonged equity outflows are not certain; a long-awaited interest-rate cut by the People’s Bank of China on May 20th could buoy sentiment. But several portfolio managers expect outflows to continue until there is more clarity around economic policy.The gloomy mood has been painful for China’s small and diminishing cohort of liberal technocrats, who are still hard at work defending an open China that is at least mildly sensitive to the concerns of global investors. For years regulators have used carefully timed reforms to reward long-term investors and their dedication to China. As sentiment soured in April they succeeded in delivering a package of long-awaited private-pension reforms in an attempt to woo asset managers. It was a salve regulators had been holding onto in the expectation that sentiment would probably worsen early this year, says one fund manager. Many investors see 2022 as a bellwether year for the future direction of policy. The optimistic outlook, says the regional head of one global asset manager, is that this gloomy period of ideology, policy missteps and beleaguered growth is part of the preparation for the Party congress in the autumn. Once that passes, pragmatists will have more control of policy. Zero-covid will be wound down and support for the economy and tech firms will be ample.This camp includes many of the investment managers who have slogged it out in China for decades. Global banks have been telling investors for 20 years that the Chinese market is a one-way bet. Changing that narrative is almost impossible. Only a war over Taiwan, or a hot conflict of that nature, could upend it, says one foreign banker in China.The pessimistic view is that Mr Xi is serious about the direction in which he has taken China over the past two years and that the future will be far more ideological. s&p, a rating agency, warned on May 19th that policy shocks to education, housing, labour and social welfare are set to continue for years. Global investors have been slow to grasp the significance of China’s policy changes, says Nikolaj Schmidt of T. Rowe Price, an investment manager. It is unlikely things will return to normal soon.Mr Xi’s zero-covid policy and the unrelenting lockdown of Shanghai has also raised concerns about China’s leadership. Some investors worry that the country has turned its back on growth; that zero-covid could be a sign of a factional struggle in Beijing; or that it will eventually lead to one. “When investors hear they’re getting dragged into politics, that’s when they get nervous,” says Sean Debow of Eurizon Capital Asia, an asset manager.One probable outcome in the months ahead is a growing divergence between the investors outside of China and those with large and growing offices inside the country, says Gene Ma of the iif. Many groups that have worked for decades to open up in the country are continuing to hire more staff. Investors that have accessed the onshore market through Hong Kong, by contrast, may continue to reduce their exposure. If anything, investing in China will only become more divisive this year. ■ More

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    SpaceX looks to raise $1.7 billion in new funding, boosting its valuation to $127 billion

    SpaceX is raising a massive round of fresh funding, CNBC has learned, sending the private company’s valuation to about $127 billion.
    The space venture is looking to bring in up to $1.725 billion in new capital, at a price of $70 per share, according to a company-wide email on Friday obtained by CNBC.
    SpaceX’s valuation has soared in the last few years as it raised billions to fund work on two capital-intensive projects: Starship and Starlink.

    A Falcon 9 rocket launches a batch of Starlink satellites to orbit on April 29, 2022.

    SpaceX is raising a massive round of fresh funding, CNBC has learned, sending the private company’s valuation to about $127 billion.
    The space venture is looking to bring in up to $1.725 billion in new capital, at a price of $70 per share, according to a company-wide email on Friday obtained by CNBC. Notably, SpaceX split its stock price 10-for-1 in February, which reduced the common stock to $56 a share – with the new valuation representing a 25% increase.

    SpaceX is also conducting a secondary sale to company insiders and existing shareholders for up to $750 million in common stock. The company conducts these secondary offerings regularly, as a way for long-time stockholders to sell equity, given that SpaceX remains private more than 20 years since its founding.
    Details of the cash infusion were not previously reported. The New York Post first reported SpaceX was looking to bring in more funding, and noted, citing unnamed sources, that the capital increase has seen “tepid demand” so far.
    The company’s valuation has soared in the last few years as SpaceX has raised billions to fund work on two capital-intensive projects: the next generation rocket Starship and its global satellite internet network Starlink.
    The company’s funding round comes as founder and CEO Elon Musk is embroiled in sexual harassment allegations reportedly from a former SpaceX jet flight attendant. The billionaire has denied the claims made against him as “wild accusations.” The flight attendant reportedly did not sue SpaceX, and instead reached a $250,000 severance agreement in 2018.

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    Prices are surging, but fans are still paying top dollar to watch live sports

    Fans are eager to get out and experience live sports, even as inflation keeps rising everywhere.
    Demand for sports attendance is usually “unresponsive to price changes,” said Dennis Coates, a sports economics professor.
    “Work hard, play hard,” said one fan at a recent NBA playoff game. “I work so I can spend.”

    People are changing their spending habits as prices surge at rates not seen in four decades, making choices that favor experiences. That means big demand for live sports.
    Demand for sports attendance is usually “unresponsive to price changes,” said Dennis Coates, a sports economics professor at the University of Maryland, Baltimore County. “Good times, bad times, high prices — it doesn’t change consumers’ behavior” around spending on sports.

    Now that pandemic restrictions are easing, even as cases remain elevated in several places, people are looking to get out more. “I think people want high-end experiences, want to get out, and they’ve been pent-up for several years now,” Ari Emanuel, CEO of Ultimate Fighting Championship owner Endeavor, said recently on CNBC. “They want to live life a little bit.”
    That was illustrated earlier this month, when ticket prices for upcoming 2022 NFL games were averaging $307 immediately following the release of the league’s schedule, said secondary market platform SeatGeek. Though that price is down from an average of $411 out of the gate last year, it’s higher than the average of $305 in 2020, when attendance was restricted due to Covid. The average in 2019, before the disease gripped the globe, was $258. Ticket prices reflect demand, and they usually fluctuate throughout the season.
    As demand surges, teams and organizations are raising prices. A concession menu for the PGA Championship this week showed $18 beers. Spending rates per fan grew for the NFL and the NBA in their most recent seasons, according to the Fan Cost Index produced by Team Marketing Report, a sports marketing firm in Chicago. The index calculates what it would cost for nonpremium seats, two beers, four sodas, two hot dogs, merchandise and parking costs, according to the firm’s CEO, Chris Hartweg.
    This spring, fans are packing arenas for the NHL and NBA playoffs. Hugo Figueroa, 29, said he paid $1,200 for three tickets to a playoff game between the Boston Celtics and the Brooklyn Nets.
    “Work hard, play hard,” Figueroa told CNBC last month as he stood inside the Nets’ fan shop at Barclays Center in Brooklyn. He said he purchased a beer at the game but “ate before I got here because I didn’t want to pay for food.” Concessions are typically marked up higher at sports and entertainment venues than at typical restaurants and food courts.

    Figueroa said he works two jobs, so he can contend with rising prices. “I work so I can spend,” he said.

    Sports fans shop at the Brooklyn Nets Fan shop at Barclays Center.
    Jabari Young | CNBC

    Strong consumer balance sheets, bolstered in part by previous Covid stimulus payments and support programs, are helping people afford to pay more on sports, according to Judd Cramer, a sports economist at Harvard University who served in President Barack Obama’s administration.
    “It seems like consumers have been able to deal with it,” Cramer said. “When I look back historically, we’ve had low inflation for a long while — but during the recession in the early 1980s, when GDP declined, sports spending was actually strong.”
    If ticket prices get too high for some fans, “there’s another person who is there” to purchase inventory, Cramer said.
    Emily Ushko, 32, told CNBC she has “a little bit of disposable income” and wants to spend it on sports. She said she paid over $600 for two tickets for a Nets-Celtics playoff game last month.
    “It’s a once-in-a-lifetime type of thing,” Ushko said. “You want to see these players live, get the feel for the audience and experience it.”

    In this Oct. 4, 2020 file photo is an empty Levi’s Stadium before an NFL football game.
    Tony Avelar | AP

    Yet while consumers have remained resilient in the face of booming inflation, there are concerns that the U.S. economy could be headed for a recession, forcing some middle- and working-class fans to make tougher choices about spending.
    “People could get hurt a little bit,” Harvard’s Cramer said.
    Hartweg of Team Marketing Report warned more consumers could eventually “tap the brakes” if prices for essential items increase.
    Figueroa, the NBA fan, said he “would reconsider coming” to the Barclays Center next season if inflation persists.
    Still, there are fans who will keep coming, even if prices keep going up and economic uncertainty rises. Philadelphia fan Kevin Washington, 58, and his wife, Tawana, 53, have been Sixers season ticket-holders for five years and don’t want to lose their seats.
    “Never entered my mind,” Washington said. “You just have to budget a little better. You still need some enjoyment. You need some time away from the reality of life.”
    A recession has yet to materialize, however, and it might not happen at all. It’ll take a “huge catastrophe” with high unemployment to cause another slowdown, said Coates, the sports economics professor. The unemployment rate stands at 3.6%.
    “If it’s a normal size recession,” he said, “I think people ride it out for the most part.”

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    NBA champion Dwyane Wade shares his three best tips for managing money

    Dwyane Wade still moves fast but this time it’s off the basketball court.
    The retired three-time NBA champion for the Miami Heat has investments in media companies and consumer products. Wade, 40, has purchased an equity stake in two sports teams, the NBA’s Utah Jazz in April 2021 and in January 2022 joined Blackstone executive David Blitzer as a co-owner of MLS club Real Salt Lake.

    He’s hosting a TV show on TBS, “The Cube,” and co-founded Budweiser Zero, the iconic brand’s entry into nonalcoholic beer. And this doesn’t even touch on the deals he made during his playing days in South Florida.
    More from Invest in You:How to save $1 million for retirement if you make $90,000 a yearMeet a human trafficking survivor who built her own business with $400How to get a free pair of Nike sneakers and other life hacks
    Wade retired from basketball in 2019 and earned nearly $200 million during his 16-year NBA career, according to Spotrac, a website that monitors sports contacts. 
    With such financial success, Wade has learned how to make strategic financial decisions. Watch the video to learn about Wade’s three keys to managing his money.
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