Everyone has a favorite artist and wants to experience some sort of concert in their lifetime. It is a dream come true to be in the front row making eye contact with the performer. The idea of getting dressed up for a certain theme of the concert and having a fun time is an exhilarating feeling. Purchasing a ticket for oneself or multiple people can be one big reason many do not have the chance to go.
Concert tickets have become increasingly expensive over the past few years, and there are several reasons for this. One major concern is the rising cost of organizing and hosting large-scale events. Stage production, security, and artist fees have all significantly increased. The demand for live music experiences has expanded, and it has led to an increasing price as promoters. Artists see that their fans are willing to pay for these unique performances. As much as it may hurt the bank, they will do anything for the once-in-a-lifetime experience.
Another factor is the influence of secondary markets and ticket reseller platforms like Ticketmaster, StubHub, or even social media platforms. This allows resellers to buy tickets, up the price, and sell them. This not only brings up the cost for consumers, but also creates a sense of importance and security, making tickets more desirable and expensive.
Gen Z is willing to pay soaring prices for concert admission due to several reasons. Live music events offer a sense of community and shared experience that is highly valued by this generation. After being trapped inside and socially distanced for so long during COVID-19, being able to get back out into concerts and in big and busy environments are what people missed the most. In a more digital world, people like the chance to connect with others in person. Social media plays a significant role in attending high-profile concerts, and sharing the experience online is a form of social currency. Gen Z tends to prioritize experiences over material possessions, making concerts a worthwhile investment for them. These changes in what they value mean they are more likely to spend their extra money on experiences instead of other material things.
My family and I traveled to Minnesota together in June of 2023 to attend the Taylor Swift concert. It had been on our bucket list to see her forever. We love her music and her personality, so when we heard she was on tour, we did not hesitate to look at tickets for her tour. My mom did spend a good amount of money on concert tickets and a hotel room for all of us. As with any show, one will get merchandise; it was expensive for my mom, sister, and I to get something. Not to mention the four-hour concert, the hour and a half wait in line to get in, and the even longer line to get the merchandise. One may also end up getting hungry and thirsty, so they will spend more money on food and drinks while in the arena.
My mom wanted to give my sister and I the best experiences possible. We still looked into the expenses and picked what best fit our budget. We all had floor tickets, and it was one of the best nights of my life. As I did not have to pay for anything during this trip, I am so incredibly thankful that my mom did this for my sister and I, and it is an amazing opportunity I will never forget. People are willing to spend any amount of money for a once-in-a-lifetime experience. As many say, money will come back, while making these lifetime memories will last forever.
