music festival

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.

Things are changing daily within the financial world. Sign up for the SoFi Daily Newsletter to get the latest news updates in your inbox every weekday.

Sign up

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

All your finances.
All in one app.

SoFi QR code, Download now, scan this with your phone’s camera

All your finances.
All in one app.

App Store rating

SoFi iOS App, Download on the App Store SoFi Android App, Get it on Google Play

James Flippin ABOUT James Flippin James Flippin is the son of a financial advisor who grew up hearing and learning about bond yields, interest rates, the stock market, and the ins and outs of Wall Street. After stints as a licensing and business broker for Marcus and Millichap in New York City, James moved into broadcasting and became a reporter and anchor. He covered crime, politics, finance, and tech at NBC News Radio while working part-time as a producer for SiriusXM. James graduated from the University of Delaware with a bachelor’s degree in political science and economics. He's also an accomplished podcaster with over 10-years of experience.

TLS 1.2 Encrypted
Equal Housing Lender