Summer Concerts Fuel Personal Debt Concerns
Live Events Back Big Time
Although the pandemic has yet to end, many people are attempting to return to a sense of normalcy. After two years of lockdowns, quarantines, and social distancing, folks across the world are venturing out of their homes to eat at restaurants and take vacations. For many, especially during the warmer summer months, concerts are a popular outing.
A recent LendingTree survey asked over 2,000 people in the US about their summer concert plans. Crowds are projected to be back to average pre-pandemic sizes. Over one-quarter of Americans say they plan to attend a concert or music festival this summer. There’s just one problem: pesky inflation.
Price Increases Everywhere
Roughly one-third of concert-goers are planning to spend $500 or more. And tickets aren’t the only costly item on the budget. Food and drinks, a new outfit, merchandise, and hotels are also factors. Moreover, many are willing to pay up for the seats themselves. Nearly half of millennials and two in five Gen Zers said they will splurge if their favorite artist is in town.
One concerning aspect of these spending statistics is that 26% of concert attendees said they are planning to take on debt to fund their summer concert outings. Many financial planners strongly urge discipline when it comes time to assess whether going to a concert is worth it. They warn that using debt or going into debt to see your favorite artist is both unnecessary and avoidable.
How to Avoid It
There are ways to cut costs when attending a concert. First, try purchasing the early bird tickets which usually come with a lower price tag. Another option is to look for group discounts. There might also be a way to save by signing up for credit cards, however, you should be sure that you actually need the credit card and aren’t just signing up for a one-time bonus.
Overall, although it can be hard to hold back on spending to see your favorite artists, if it’s just too expensive this year, it might be wise to wait. Being disciplined about discretionary spending is a good practice to work on at any life stage.
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