LendingTree Report Finds Millennials and Gen Z Are Willing to Take on Debt to See Favorite Acts
CHARLOTTE, N.C., June 14, 2021 /PRNewswire/ -- 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.
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/.
LendingTree commissioned Qualtrics to field an online survey of 2,050 U.S. consumers, conducted May 7 to May 14, 2021. The survey was administered using a non-probability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree
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