And The Beat Goes On: Summer Concert Attendance Rebounds to Pre-Pandemic Levels

Rhea-AI Summary

A recent LendingTree survey reveals a significant rebound in concert attendance to pre-pandemic levels, with attendees planning to enjoy an average of four shows this year. Despite rising inflation, 47% of concertgoers expect to spend between $100 and $499, and many are willing to incur debt for experiences. Millennials and Gen Z are particularly eager to upgrade their concert experiences, spending an average of $398 and $383 per ticket, respectively. In total, 60% of attendees will allocate portions of their budget to food and drinks, and financial tips are provided to help manage spending.

Positive

• Concert attendance is expected to return to pre-pandemic averages, indicating a strong recovery in consumer behavior.
• On average, attendees plan to go to four shows, up from three in 2021, showing increased engagement with live events.
• Significant portions of attendees, particularly millennials and Gen Z, demonstrate a willingness to spend on enhanced experiences despite economic concerns.

Negative

• 47% of attendees expect to take on debt for concert expenses, reflecting financial strain amidst rising costs.
• Inflation continues to impact budgets, with many consumers needing to adjust their financial planning for leisure activities.

New LendingTree Survey Finds Inflation Impact and "YOLO" Mentality Leads to Full Hearts and Empty Wallets

CHARLOTTE, N.C., June 15, 2022 /PRNewswire/ -- Concert and festival season is among us and many Americans are ready for a music-filled summer of limited restrictions and a pre-pandemic feeling. According to a new report from LendingTree, attendance is expected to return to pre-pandemic averages this year, with many concertgoers ready to shell out big bucks to make up for lost time.

Key findings

• Americans with concert plans expect to attend an average of four shows, up from three last year and in line with pre-pandemic averages.
• But it will cost them: 47% of concert attendees expect to spend between $100 and $499, while more than a quarter say they'll likely take on debt.
• Music fans are using plastic to their advantage, as more than 4 in 10 (44%) attendees will cash in on rewards or points to attend festivals or concerts.

In the era of "You Only Live Once (YOLO)," millennials (48%) and Gen Zers (41%) are more likely to splurge on nicer concert seats than they would in the past. Despite skyrocketing inflation and higher credit card bills, our survey found that Gen Zers are willing to shell out an average of $398 for their favorite artists, while millennials say they'd pay up to $383 per ticket. Gen Zers are also most likely to purchase VIP/All Access passes (18%).

While 60% of concertgoers plan to spend a chunk of their money on food and drinks, millennials are more likely to buy a new outfit for the show (41% versus 32% overall).

"Plenty of Americans have been longing for concert season to feel normal again," says LendingTree's Chief Credit Analyst, Matt Schulz. "Our survey shows that music fans are more than willing to shell out top dollars to see their favorite musical acts, regardless of the impact of inflation. Coming off a pandemic, going over budget or taking on debt seems worth the experience."

With ticket prices on the rise, don't be afraid to use your reward points or travel miles to help offset the costs; signing up early can also save big in the long run. One in 5 (20%) consumers have purchased an "early bird special" ticket for a music festival, which will typically offer lower prices before full lineups are announced.

Tips to keep concert spending under control

If concertgoers are looking to spend more on concerts this year but don't want to blow their budget, they should consider these tips to keep costs low:

• Budget for inflation. If they know they're going to be spending big on concerts this year, incorporating them into their budget ahead of time will allow them to plan properly and enjoy a stress-free experience.
• Compare popular credit cards for travel and airline rewards. Sign-up bonuses can give concert attendees the extra cash to splurge on their favorite show.
• Get creative and cooperative. Sharing hotel rooms with friends, splitting gas or opting for general admission seating are all creative ways to combat overspending.

To view the full report, please visit: https://www.lendingtree.com/credit-cards/study/concert-plans-budgets/.

Methodology

LendingTree commissioned Qualtrics to conduct an online survey of 2,072 U.S. consumers, fielded May 6-10, 2022. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.

We defined generations as the following ages in 2022:

• Generation Z: 18 to 25
• Millennial: 26 to 41
• Generation X: 42 to 56
• Baby boomer: 57 to 76

About LendingTree

LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree

MEDIA CONTACT:
Morgan Lanier
morgan@lendingtreenews.com

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SOURCE LendingTree

FAQ

What is the expected attendance for concerts this year according to LendingTree?

Attendance is projected to return to pre-pandemic levels, with concertgoers planning to attend an average of four shows.

How much do concert attendees expect to spend this summer?

47% of concert attendees expect to spend between $100 and $499.

Are millennials and Gen Z willing to pay more for concert tickets?

Yes, millennials plan to spend an average of $383 and Gen Zers $398 per ticket.

What percentage of concertgoers plan to take on debt for their concert plans?

More than a quarter of attendees are likely to incur debt.

What tips does LendingTree provide for managing concert spending?

LendingTree suggests budgeting for inflation, comparing credit card rewards, and sharing expenses with friends.