60% of Concertgoers Plan to Spend Extra to Help Musicians Recover From the Pandemic

Tuesday, June 15th, 2021

After more than a year of quarantines, masks and vigorous hand sanitizer use, many are eagerly planning for a return to normal life. For music lovers, that means getting back to their concert- and festival-going ways.

A recent report from LendingTree found that 25% of Americans plan on going to a concert or music festival in the summer, with 12% planning on going to one in the fall —  and 60% of those attendees said they'll spend more to help support artists and their crews.

Key findings

  • 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.

"After a long, difficult past year, Americans are more than ready for a good party," said LendingTree's Chief Credit Analyst, Matt Schulz. "It's no surprise that so many people will flock to concerts and festivals this summer, but they just need to planful when they do it. The last thing anyone wants is to have the memory of an amazing weekend of music ruined by months of debt."

To view the full report, visit: https://www.lendingtree.com/concertgoers-to-spend-extra-to-help-musicians-recover-from-pandemic/.