As the cost of concert tickets rises, Gen Z and millennials are willing to spend thousands of dollars to see their favorite artist and share the experience with their social media followers, even if it means struggling with debt.
According to new data from Rakuten, which offers cash-back on purchases from retailers like StubHub and Ticketmaster, despite the rising cost of essentials, Gen Z and millennials aren’t willing to sacrifice when it comes to spending money on experiences.
Nearly one third of Gen Z (30 percent) and millennials (38 percent) surveyed said they were planning to use rent or mortgage funds for concert expenses.
Despite skyrocketing ticket prices to see artists like Taylor Swift, Beyonce and Lady Gaga, younger audiences were still welling to shell out big bucks to see their favorite artists, especially after missing out on live music during the Covid pandemic.
In fact, many of these Gen Z and Gen Alpha members hadn’t seen a concert before and suddenly were inundated with all of their favorite artists touring at once.
Because of the Ticketmaster monopoly, prices were higher than ever as bots bought up reasonable priced options and resold them for hundreds and even thousands of dollars.
Still, twentysomethings were willing to pay and flocked to social media to explain their controversial choices.
‘Unpopular Opinion: No one should have to go into debt and potentially go bankrupt for a three-hour concert,’ one Reddit thread about the Eras Tour read.
‘Unpopular Opinion: No one should have to go into debt and potentially go bankrupt for a 3 hour concert,’ one Reddit thread about the Eras Tour read. Above, Taylor Swift performs at SoFi Stadium on August 7, 2023
Beyoncé fans had similar issues, with a Reddit thread declaring ‘No concert is worth putting yourself in ruins especially in todays economy and political landscape’
Beyoncé fans had similar issues, with a Reddit thread declaring: ‘No concert is worth putting yourself in ruins especially in todays economy and political landscape.’
On TikTok, young women share their stories about financing tickets and even taking out loans to be able to see their favorite popstars.
Some people save up, with kids and teens using the family finance app Greenlight to put away $116,000 for concert tickets in 2023, with $75,000 of that going to the Eras Tour.
Others simply put the expensive tickets on credit cards but didn’t realize they could be sued for non-payment.
One 32-year-old woman based in Los Angeles went into debt and was even being sued by her credit card company after attending the Eras Tour and spending $6,000.
‘I really wanted to see as many shows as I could,’ she told DailyMail.com, adding that she kept reminding herself it was a once in a lifetime opportunity. Unfortunately, she had no money saved up, because she went to shows in Glendale, Los Angeles, New Jersey, and Sweden.
Buying tickets overseas was ‘significantly less expensive,’ with the entire trip costing less than her tickets alone in LA.
The server was then served with court documents after she wasn’t able to pay the credit card bill. ‘I had to contact a lawyer to get the credit card company to agree to a payment plan,’ she revealed.
On social media, young people share their stories about financing tickets and even taking out loans to be able to see their favorite popstars (stock photo)
Fans crowded the Estadio da Luz as they waited for the start of Taylor Swift’s Eras Tour concert in Lisbon on May 24, 2024
She ended up agreeing to a payment plan, is still paying off her debt, and almost had to sell her car to keep up with the payments.
While she doesn’t regret attending the concerts, she said ‘the stress from the credit card company and potentially being sued was never part of the plan.’
Biopsychologist Dr. Mary Poffenroth told DailyMail.com, ‘From a neurobiological perspective, it’s no surprise Gen Z and millennials are willing to borrow money for concert tickets.’
‘Dopamine, a neurotransmitter that makes people feel good, is already being released in the brains of young adults who are thinking about buying tickets to see Taylor Swift or Beyoncé,’ Dr. Poffenroth explained.
‘This chemical change can trigger what we call the ‘hedonic anticipation effect. This means that looking forward to the concert can be almost as enjoyable as the concert itself.’
The Brave New You author said that concerts are ‘hard to resist because they can make strong episodic memories,’ which ‘is especially important for generations that value experiences over things.’
‘For Gen Z and Millennials, who’ve grown up in a shaky world—think recessions, pandemics, and all that jazz — this isn’t just about being impulsive,’ Dr. Poffenroth divulged. ‘Uncertainty cranks up the brain’s craving for meaningful ‘now’ moments, like a concert, over saving for a future that feels like a question mark.
‘The reward of belting out lyrics with thousands of strangers can outweigh the stress of a credit card bill — at least at the moment.’