A recent StubHub report highlights the fervent demand for live events, especially from Gen Z and millennials. The study, involving 2,468 Americans, reveals that 60% of Gen Zers would skip major life events to be front row at their favorite artist's concert. These younger concertgoers are actively shaping the experience economy, preferring life experiences over material investments.
Key Takeaways:
Gen Z and Millennials Driving Live Events: StubHub's report underscores the passion of Gen Z and millennials for live events, showcasing a willingness to sacrifice major life events for front-row experiences at concerts. This demographic is not only eager to secure tickets but also actively participates in the live event experience, from themed outfits to sharing experiences over video calls.
Experience Economy Boom: The experience economy, led by Gen Z and millennials, is expected to grow over the next decade. These generations prioritize spending on life experiences, contributing to the success of various sectors, including concerts, travel, and theme parks. The demand for experiences is projected to create hundreds of thousands of jobs in the leisure and hospitality sector.
Rising Ticket Prices Amidst Economic Caution: Despite concerns about inflation and higher prices, Americans, including high earners, are still spending on live events. The Consumer Price Index indicates a significant increase in prices for admissions, with a 10.9% YoY rise. However, this hasn't deterred spending, and the admissions to spectator events reached $99.3 billion in the third quarter of 2023.
The Short: Live event culture is thriving. Despite economic caution and rising ticket prices, Americans are investing in experiences. The resilience of diehard fans, willing to spend substantial amounts for unique experiences, indicates a sustained demand for live events, promising continued growth in the experience economy. Don't miss the show and head over to www.ticketrewards.com/solutions to supercharge your loyalty program with the Live Event Card.