Gen Z hit the most with surging concert prices

Concert tickets and the prices involved in attending one are skyrocketing, with Gen Z taking the biggest hit. Some have gotten into credit card debt to attend their favorite tours, reports the New York Times.

In 1996, on average, concert-goers spent $25.81, which comes to $52 after accounting for inflation, for a Top 100 tour. Last year, the average ticket price reached $135.92.

And Gen Z is willing to spend, with 86% of them citing fear of missing out, or FOMO, as the top reason in a survey by Merge last year.

Why are concert tickets pricey?
Post-pandemic, fans are more eager than ever for live experiences. In 2023, the top 100 tours raked in $9.2 billion, a 65% jump from 2019. Shows by big names like Taylor Swift and Beyonce sold out instantly, fueling intense competition among concert-goers to snag seats inside stadiums with limited capacity.

Looking at the trend, some ticket platforms make in-demand seats costlier. Scalpers and resellers buy up tickets, further inflating prices. Platforms also use dynamic pricing to increase profits.

One 20-year-old student who saved for Beyonce’s Cowboy Carter tour was shocked to see tickets priced between $600 and $1,000. He later secured $200 seats through a credit card presale, exposing the wild swings in ticket prices.

Antitrust concerns over Ticketmaster’s dominance have drawn scrutiny over how tickets are sold.

Artists and promoters are capitalizing on the demand for live entertainment, making concerts more expensive than ever. Swift’s Eras Tour grossed a record $2 billion in 2023, with an average ticket price of $1,088.