As the world returns to normal, the concert scene is following suit.
Concert crowds are expected to return to pre-pandemic average sizes this summer, according to a recent survey by LeadingTree, which polled 2,072 people in the United States about their summer concert plans.
About 26% of Americans plan to attend a concert or music festival this summer. With continued inflation — and the resulting extra expenses — about 32% of participants plan to spend $500 or more. Additionally, 26% of concert-goers plan to go into debt after the summer due to concert-related expenses.
However, after years of a lackluster concert scene, the majority of those considering going into debt say it’s worth it. And younger age groups – Gen Z and Millennials – are more likely to welcome it, with 25% of Gen Z and 27% of Millennials saying it’s worth going into debt for. a concert or a music festival.
Beyond tickets, many aspects of a concert can be expensive. The most common expenses are food and drink (60%), a new outfit (32%), merchandise (27%) and a hotel or rental (27%), found by LendingTree.
People are even willing to spend extra money on the seat itself. In particular, 48% of millennials and 41% of Gen Zers will splurge on their favorite artists.
How to avoid getting into debt
It’s important to note that debt, in this scenario, is avoidable – and unnecessary.
“You don’t have to consider going into debt to go to a show,” Douglas Boneparth, president and founder of Bone Fide Wealth and certified financial planner, told CNBC Make It.
Instead, “build your spending discipline,” says Boneparth. “Spend your time earning more money so you can afford those things or saving for those things and make that your priority.”
You can also consider ways to cut costs. If you plan to attend a music festival, buying an early bird ticket usually offers a lower price, for example. The only problem is that the full range is sometimes not published – although 20% of consumers do not care about the lack of knowledge if they can get a deal, reports LendingTree.
Other strategies include looking at group discounts or credit card and airline perks, such as sign-up bonuses for new cards. However, if you choose to use a credit card for concert tickets, watch your spending so you don’t go into debt.
Ultimately, the only real way to avoid debt is to plan your spending for the months leading up to the event around the event itself. When it comes to concerts and music festivals, “you should never be in a position where you plan to go into debt,” says Boneparth.
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