Do you have to save up months on end for that festival you want to attend? Are increasing ticket prices for Tomorrowland and other festivals taking a hit on your bank account? Well, you aren’t alone. In detail, Bussiness Insider reported that nearly one-third of millennial music festival attendees had to go into debt to attend.
Music festivals are expensive to attend, and put on. Furthermore, some festivals like Woodstock 50 have shut down because of logistical and financial related issues. General Coachella tickets are around a shocking $429. This doesn’t even take into account the travel accommodations, food and other expenses around attending a festival like that.
Millennials Can’t Afford Festivals
The study was performed by CompareCards by Lending Tree. Furthermore, they surveyed 1,019 Americans in July 2019. Their findings included that 32% of millennials went into debt who attended festivals.
The cost of music festivals is certainly on the rise. Most millennials really can’t afford it. The survey reports at least 28% of attendees spent at least $500 on music festivals over the range of a 12 month period. More than 68% were reporting they paid more on festivals than previous years. Coachella even offers a $25,000 package where attendees can sleep in a yurt and be driven around in golf cart.
All in all, millennials love experiences. JPMorgan found that they pay more for travels and entertainment than previous generations. Investing in music festivals creates lasting memories and experiences.