Why concerts are so expensive now and how to save
Why concerts are so expensive now and how to save
Whether youâre looking to see pop stars, rock bands, or one of the many other artists touring this summer, youâve probably noticed that tickets are super expensive right now.
High prices for everything from groceries to gas have been an issue for years now, but concert tickets can put an especially large hole in your wallet. The average concert ticket last year was roughly $133, according to from Pollstar â well above the $96 average ticket in 2019. And itâs not just the ticket thatâs expensive: Transportation, food at the venue, outfits and merchandise all add up.
âThankfully, there are several ways music lovers can catch their favorite musicians without paying a fortune,â says shopping expert Trae Bodge. , a consumer fintech banking platform, shares what to know and how to save.
Why are concerts so expensive right now?
After the pandemic-driven closures, experts say people rushed to enjoy live sports, theater and music. Their excitement led to high spending â a phenomenon named âfunflation.â Mega-popular tours like those from Taylor Swift and BeyoncĂ© also encouraged people to travel across the country and even overseas to catch a show.
Demand isnât likely to slow down. Goldman Sachs analysts live music to grow at a 7.2% compounded annual growth rate between 2024 and 2030, driven in large part by millennials and Gen Z. âThe live music industry shows resilience in times of economic uncertainty,â the analysts wrote. âSpending on live music in the U.S. has, in fact, grown during recent recessionary periods.â
Meanwhile, the concert industry uses dynamic pricing, so more demand means higher prices. Thereâs also inflation, and the fact that resale tactics are getting more sophisticated.
How to save on concert tickets
Despite the high prices, there are ways to save on concert tickets.
1. Look for discounted tickets
Discounted and early tickets are often made available to fans, Bodge says. You can gain access to these tickets by following your favorite musicians on a platform, like Spotify, and joining an artistâs fan club. Your other service providers, including phone carriers like T-Mobile and Verizon, will regularly offer perks to their customers, such as special discounts, she adds. You can also check with your credit card carrier for exclusive discount offers or pre-sale windows.
2. Wait until closer to the show
If youâre open to taking a chance, waiting can pay off. Resale prices don't fall on a fixed schedule, and changes often depend on demand and how much inventory remains as the show nears, says Margaux Elias, senior communications associate at SeatGeek, a ticket platform and marketplace. On average, SeatGeek concert tickets cost about 45% less when bought day-of versus six months out, with most of that softening happening in the final two weeks, she says (though she adds that buying the night before typically isnât cheaper than doing so the day of).
But keep in mind that high-demand or sold-out shows rarely get cheaper and can just as easily hold firm or rise, so waiting only reliably pays off for shows with softer demand, Elias says.
Buying on a certain day of the week probably wonât make a difference.
âFor concerts, surprisingly little changes by day of the week,â Elias says. âUnlike sports, where weekend shoppers can find clear discounts, concert resale prices barely move.â
The gap between the cheapest day to buy (Thursday) and the most expensive (Sunday) is only about 3%, SeekGeek reports. That means for concert fans, timing relative to the show date is what really drives savings, not which day of the week you shop. You can use platforms like SeekGeek to monitor for price drops.
3. Go in person
If you typically buy your tickets online, you may be familiar with how quickly processing and other types of fees can add up. But you can avoid some of those fees by heading straight to the box office.
If youâre buying for friends, check beforehand to see if there are limits on the number of tickets you can buy.
4. Plan ahead
Unlike utilities and food, concert tickets are a discretionary purchase. That doesnât mean you shouldnât buy them, but it does mean it can be even more important to budget, plan and not overspend.
Consider setting aside money from each paycheck for short-term fun so that youâre not surprised when a purchase takes a chunk out of your savings. You can even set aside funds particularly for this type of spending in a higher-yield savings account to get the biggest return on your money.
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