Taylor Swift fans queue outside Murrayfield Stadium in Edinburgh, Scotland on June 6, 2024. Her fans, known as Swifties, had earned the superstar $200 million in Eras merchandise sales as of November 2023.
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The price of 'funflation'
Ticket prices have risen sharply in recent months, according to federal data.
According to consumer price index data from the Bureau of Labor Statistics, admission prices to sporting events increased 21.7% in May 2024 from a year earlier. The category saw the highest annual inflation rate of the few hundred that make up the inflation gauge. Access to films, theaters and concerts increased by a relatively modest 3% year-on-year.
The CPI as a whole rose 3.3% in May compared to a year ago. The index measures how quickly prices change in the U.S. economy. It measures everything from hairstyles to household appliances.
Why Americans go crazy for entertainment
Despite rising costs, 38% of adults say they plan to do so According to a., we will take on more debt in the coming months to travel, eat out and see live entertainment report from Bankrate.
Meanwhile, 27% of respondents said they would go into debt to travel this year, while 14% would dip into the red to eat out and a further 13% would lean on credit to go to the theatre, a live sporting event or attend a concert – including the European leg of Taylor Swift's Eras Tour, Bankrate discovered.
Taylor Swift performs on stage at Wembley Stadium in London on June 22, 2024.
Kevin Mazur | Getty Images Entertainment | Getty Images
“There is still a lot of demand for out-of-home entertainment,” Ted Rossman, senior industry analyst at Bankrate, recently told CNBC.
“Some of that reflects a 'you only live once' mentality that has been amplified during the pandemic, and some of it is because many economic indicators — including GDP growth and the unemployment rate — are in favorable shape,” Rossman said.
Research from Bankrate found that younger adults, especially Gen Z and millennials, are more likely to spend money on these types of discretionary purchases.
Other research shows that despite the increased cost of living, young adults are having an especially difficult time when it comes to their long-term financial security.
Nearly two in five Gen Z and millennial travelers have spent up to $5,000 on tickets alone to live events at their destination, recent research shows. study by Bread Financial found it.
And many say it's worth it. Rather than cutting back on spending to boost savings, 73% of Gen Zers between the ages of 18 and 25 said they would ultimately prefer a better quality of life to extra money in the bank, according to another Prosperity Index report from Intuitive.
