Taylor Swift fans line up outside Murrayfield Stadium on June 6, 2024 in Edinburgh, Scotland. The superstar made $200 million in Eras merchandise sales.
Jeff J. Mitchell | Jeff J. Mitchell Getty Images News | Getty Images
The price of “funflation”
Some ticket prices have soared in recent months, according to federal data.
According to Consumer Price Index data from the Bureau of Labor Statistics, ticket prices for sporting events increased 21.7% in May 2024 compared with the same period last year. This category saw The highest of hundreds of annualized inflation rates that make up a measure of inflation. Annual growth in attendance at movies, theaters and concerts was relatively small, at 3%.
The overall CPI in May increased by 3.3% compared with the same period last year. The index measures the speed of price changes in the U.S. economy. It can measure everything from haircuts to household appliances.
Why Americans are so obsessed with entertainment
Despite rising costs, 38% of adults say they plan to People will take on more debt in the coming months as they travel, eat out and attend live entertainment, according to one person bank rate report.
Meanwhile, 27% of respondents said they would go into debt this year from traveling, while 14% would go into the red from eating out and a further 13% would rely on credit to go to the theater, watch live sports or attend competitions Bankrate discovered that a concert – including the European leg of Taylor Swift’s Eras Tour.
Taylor Swift performed on stage at Wembley Stadium in London on June 22, 2024.
Kevin Mazur | Getty Images Entertainment | Getty Images
“There’s still a lot of demand for outdoor recreation,” Ted Rossman, senior industry analyst at Bankrate, recently told CNBC.
“Part of this reflects the ‘you only live once’ mentality that has intensified during the pandemic, in part because many economic indicators — including gross domestic product growth and the unemployment rate — are in good shape,” Rothman said. .
Bankrate found that younger people, especially Gen Z and Millennials, are more likely to splurge on discretionary purchases.
Other research shows that while rising costs of living make it particularly difficult for those just starting out, young people are taking a more relaxed approach to long-term financial security.
A recent survey shows that nearly two in five Gen Z and Millennial travelers spend up to $5,000 just on tickets to live events at their destination Bread Financial Research established.
Many say it’s well worth it. Another Prosperity Index report showed that 73% of Gen Zers aged 18 to 25 said they would ultimately rather have a better quality of life and have more money in the bank than increase their savings by cutting back on spending. Intuit.
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