Many Americans going to concerts this summer, may spend more to do so, survey says
(WBTV) - Many people are going back to concerts this summer and some may spend more money in order to help musicians recover from the COVID-19 pandemic.
According to a survey from LendingTree, 25 percent of Americans plan on going to a concert or music festival in the summer, with 12 percent planning on going to one in the fall.
The survey says 60 percent of those concertgoers said they would spend more to help support artists and their crews.
This comes after more than a year of quarantining, mask-wearing and dealing strict restrictions all over the country due to COVID-19.
Here are key findings from the LendingTree survey:
- Americans are ready for summer concerts, especially those age 40 and under. 1 in 4 Americans will attend a summer concert or music festival, and that jumps to 36% and 32% among millennials and Gen Z, respectively.
- Music lovers want to help artists hurt by the pandemic. 60% of those attending an upcoming concert said they’ll spend extra money in order to help musicians and their crews financially recover from a year without touring.
- Concertgoers are ready to spend to make their experiences extra-special. Of those planning to attend a festival or concert, 47% are spending more to get better seats than they normally did in the past. In addition, 27% will buy merchandise, 20% will spring for VIP passes and 9% are paying for meet-and-greets with the artist.
- Millennials and Gen Zers are willing to take on debt to see their favorite musical acts, and many said it’s worth it. About half of those 40 and under with concert plans said they might incur debt as a result. And among all millennials and Gen Zers, around a third agreed, to some degree, that concert debt is definitely worth it.
- Credit card rewards help some concertgoers pay for their events. 42% of those with a concert on their calendar will use credit card rewards or points/miles to pay for some of those costs.
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