Experiences > things, say US consumers

The NBA season tips off next week, and tickets are selling faster than an Italian beef sandwich made by Carmy Berzatto. According to StubHub, NBA ticket sales are 60% higher compared to this time last year, marking the latest sign of US consumers’ increasing demand for live entertainment.

Some other examples:

• For the first time, the top five touring acts globally – Taylor Swift, Bruce Springsteen, Harry Styles, Elton John, and Ed Sheeran – each earned $100+ million in sold-ticket revenue over the first half of 2023, with most shows taking place in the US.
• In both the NFL and MLB, the average resale ticket price rose by 20+% over the past year. League officials and analysts attribute this to increased demand.
• A September report from Bank of America found US consumer behavior in recent months has shifted towards experiences (like concerts and live sports), with spending in that area remaining strong despite a slight economic downturn.

🎟️📈 Big picture: US spending on tickets to movies, concerts, and live sporting events is on track to reach $95 billion this year, per the US Bureau of Economic Analysis. That figure is 23% higher than last year, and 12.5% higher compared to pre-pandemic data from 2019.