What’s ‘funflation’ and why the rising entertainment costs?
- The resurgence of live events post-pandemic has led to “funflation”
- Taylor Swift ticket resale prices were over $1K, Beyoncé's were around $400
- BEA: Americans projected to spend more than $95B on entertainment in 2023
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(NewsNation) — From concerts to sporting events, the cost of entertainment is soaring.
Live events have resurged after pandemic-era shutdowns, and prices have gone up. Economists describe this as “funflation.” They claim that tickets prices for live entertainment events have reached unprecedented highs.
“I’m an avid concert goer, haven’t been able to attend quite as many this year because of the price,” said Leni Brass, who budgets for entertainment experiences.
According to The Wall Street Journal, the average resale price for concert tickets on SeatGeek has more than doubled since 2019 — up from from $125 to $252 in 2023.
The average resale price for Taylor Swift’s Eras Tour, according to StubHub, was more than $1,000. Beyoncé’s Renaissance World Tour ticket resale prices were around $400.
“I will say I wasn’t able to get Taylor Swift tickets, and I could not have afforded them,” Brass said.
From the music industry to sports, NFL fans are taking a hit. according to data – the average NFL ticket is $377; last season the average ticket was $235.
Disney’s money train keeps chugging along, even with price hikes at Disneyland and Disney World. While it may strain the budgets of some, it doesn’t seem to dent their loyalty.
“We used to go multiple times a year, and when it started, we started going 20 years ago, it was like $200 for a pass per person. Now it’s over $1,000 to $2,000 per person, it’s exponentially increased,” said Disney passholder Chandler Black.
According to AllEars.net, in January 2000, a one-day ticket was $48; however, by October 2018, the price more than doubled to $122. In 2023, prices are as high as $189, according to Walt Disney World Magazine.
Americans are expected to spend about $95 billion on tickets in 2023 for concerts, movies and sporting events, etc. according to the U.S. Bureau of Economic Analysis — that’s up 23% from last year.
“Just in the last year prices have gone up more than 20% on concerts, and sporting event type tickets in the last five years. It’s more than 100%,” said Ted Jenkin, CEO of Oxygen Financial.
Some consumers have cut back on events, saving their money for one or two big-ticket attractions this year, or have stopped splashing out for entertainment entirely.
