A ticket for a live music event now costs £128 on average in the UK – with typical gig and festival prices soaring by 212% since 2000, according to research by a major bank.
Santander UK’s “gigflation” index found the average UK gig or festival ticket has surged from £41 in 2000 – before the cost of booking fees, travel, food and drinks are also included.
Pricing benchmarks were compiled by the bank using publicly available ticket archives and festival pricing histories, with ticket price comparisons excluding VIP packages and resale tickets.
A survey for the bank, which was released alongside the analysis, marking the launch of Santander’s 8% AER (annual equivalent rate) regular saver account, found rising costs have made 71% of concert-goers think twice about seeing artists live.
Despite the squeeze on their wallets, three-quarters (75%) of fans still believe that seeing their favourite artist is a good investment, with plans to attend an average of three shows a year.
Nostalgia plays a big part in concert fans’ love of live events, with two-thirds (67%) of people saying they still enjoy seeing the same bands they did 20 years ago – and more than half (53%) enjoying the bands their parents saw when they were younger.
Frances Haque, an economist at Santander UK, said: “Despite the increasing financial demands, consumers continue prioritising memorable experiences and cultural moments.”
Some 2,000 adults across the UK who are attending live shows this year were surveyed for Santander UK by 3Gem Research in June.
