After easing back into things in 2021 the summer concert season is finally back in full swing. And no matter who you want to see chances are there is an opportunity somewhere nearby! It seems there is a show almost every day in the Charlotte area. I’ve already found myself having to step back and take a break! And it seems like everyone is anxious to get back to live music. LendingTree conducted their Concert Spending Survey for 2022.
According to their study results attendance for shows will return to pre-pandemic levels and attendees are willing to spend to make up for the lost time. LendingTree surveyed more than 2,000 U.S. consumers about their concert plans and budgets for those events.
Notable Findings Surrounding Summer Concert Season Spending
- Fans will be excited about a more typical concert experience this year, leading to a rebound in concert attendance. Concert-goers expect to attend an average of four shows, up from three last year and in line with pre-pandemic levels. On average, Gen Zers will attend more concerts than their older counterparts.
- About 47% of concert goers expect to spend between $100 and $499, and over a quarter plan to take on debt – justifying the expense with the desire to make up for lost time. 32% of concert attendees expect to spend $500 or more, up from 22% pre-pandemic. Gen Zers (41%) and millennials (31%) are most likely to go into concert debt, and they are more likely to believe debt is worth it after what they’ve missed during the pandemic.
- Depending on their age, concertgoers are willing to pay more for certain expenses. Concertgoers are most likely to spend money on food and drink (60%), but millennials are more likely to purchase a new outfit (41% versus 32%). Meanwhile, Gen Zers (18%) are the most likely to purchase VIP passes, compared to 13% of all concertgoers.
- Generally, though, concertgoers plan to splurge on seats. Millennials (48%) and Gen Zers (41%) are more likely to spend more money on a better seat at concerts or festivals than they would have in the past, compared to the overall average of 38%. Gen Zers, in particular, would shell out $398 to see their favorite artists, according to attendees who are willing to splurge.
- Music fans take advantage of credit card rewards or points to attend festivals or concerts, as more than 4 in 10 (44%) will use rewards or points. People bringing home between $75,000 and $99,999 (56%), those earning $100,000 or more (52%), millennials (52%), and males (51%) are more likely to use their rewards toward concerts, which may allow them to spend a little extra.
Read the full study here