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