A third of millennials who attended a music festival in the past year went into debt to afford it
Music festivals are becoming increasingly expensive each year due to the additions of attractions and a stacked lineup of performers. These festivals are usually filled with thousands of teenagers who seem to be merely school students, yet they find a way to afford tickets to these incredible shows. According to CompareCards by Lending Tree, nearly a third of millennials who attend a music festival cannot afford the prices, and ultimately go into debt because of the ticket prices.
In July of 2019, 1,019 Americans were surveyed about their experiences when it comes to festivals. When the results were shared, the research proved that 32% of young Americans who attended music festivals in the past year went into debt after purchasing the ticket. Along with this, 23% of the responders stated they have gone into debt at one point in their life due to the high prices of festival tickets. As for the amount of citizens who attend these performances, almost half of all Americans said they have attended at least one music festival in the last 12 months.
When it comes to the prices of each major festival, Ultra Music Festival charges attendees $300 for a GA ticket, while EDC Las Vegas charges fans $319 to enter the electric wonderland. Prices for mainstream festivals, including Coachella, are much steeper with GA tickets starting at $430. Unfortunately for fans, none of these ticket prices include the amenities of lodging, food or travel, which usually increases prices a large amount.
For Americans researching ways to save money when it comes to music festival prices, there are many options available. Rather than indulging for the entire length of the show, festival-goers may want to consider only purchasing a single-day ticket, which will make the experience far cheaper. Next, credit card companies often offer many rewards that millennials can take advantage of. For example, cash back cards could lessen the burden of subtracting from one’s bank account. Lastly, many major festivals usually offer some type of payment plan that can benefit the buyer. These payment plans can range from paying by month or sometimes possibly paying per day, which could help music fans use less money. Hopefully in the future, festival prices will lower to a point that will allow millennials to purchase tickets comfortably.