(NewsNation) — From concerts to sporting events, the cost of entertainment is rising.
Live events are making a comeback after pandemic-era shutdowns, and prices are rising, too. Economists describe this as “fanflation.” They claim that ticket prices for live entertainment events are reaching unprecedented highs.
“I’m an avid concert fan, but I haven’t been able to go to many concerts this year because of the prices,” said Leni Blas, who is budgeting for entertainment experiences.
According to the Wall Street Journal, the average resale price of a concert ticket on SeatGeek has more than doubled since 2019, rising from $125 to $252 in 2023.
According to StubHub, the average resale price of Taylor Swift’s Ellas Tour was more than $1,000. The resale price of Beyoncé’s Renaissance World Tour tickets was about $400.
“Let me just say that I couldn’t get tickets to Taylor Swift, and I couldn’t afford them,” Blass said.
From the music industry to sports, NFL fans are taking a hit. The average NFL ticket costs $377, according to the data. The average ticket last season was $235.
Despite the price hikes at Disneyland and Disney World, Disney’s money train is on track. While that may put a strain on some people’s budgets, it doesn’t seem to undermine their loyalty.
“I used to go multiple times a year, but when I started going 20 years ago, the pass was about $200 per person. Now it’s over $1,000 to $2,000 per person, and prices have gone up rapidly. ,” said Chandler Black, a Disney passholder.
According to AllEars.net, a one-day ticket in January 2000 cost $48. However, by October 2018, the price had more than doubled to $122. According to Walt Disney World Magazine, the price will reach $189 in 2023.
Americans are expected to spend about $95 billion on tickets to concerts, movies, sporting events and more in 2023, according to the paper. U.S. Bureau of Economic Analysis — This is a 23% increase over last year.
“In the last year alone, ticket prices for concerts and sporting events have increased over 20% over the past five years. That’s over 100%,” said Ted Jenkin, CEO of Oxygen Financial.
Some consumers are holding fewer events this year, saving money for one or two big-ticket attractions or forgoing splurging on entertainment altogether.
