Lately, we all have noticed it to a greater or lesser degree… it costs more to go out for a good time. However, the federal government is also noting significant spikes in event prices. More specifically, sports tickets. These are the details of the most recent example of “funflation”…
Sports matches are great opportunities for both consumers and business owners.
Local entrepreneurs can hold team-themed promotions that can boost revenue. And in turn, fans can get in on the fun whether they can make the game or not.
Overall, it’s a win-win arrangement.
UNFORTUNATELY, SKYROCKETING TICKET PRICES MEAN FEWER OF THE DIE-HARD FANBASE CAN ATTEND.
The U.S. Bureau of Labor Statistics found that sports event prices were up 25.1% over the year prior.
While the cost increase is shocking, it is following an overall economic trend. One that ticket-sellers are taking advantage of…
Using “Fan Math” to Justify High Event Prices
Similar to the concert economies created over the past summer, sports enthusiasts are making up for lost time. Long story short, they want to do everything they couldn’t during the pandemic.
AND AS WE KNOW, WHEN THERE IS A HIGH DEMAND, THE SELLERS CAN NAME THEIR PRICE.
As a result, ticket-selling platforms are charging more based on the fans’ excitement for upcoming matchups…
These jaw-dropping event prices are not only applicable to the NFL.
The price tag to attend a National Hockey League match has doubled. Similarly, National Basketball Association tickets rose 60%.
Nonetheless, how do sports junkies justify forking over that kind of cash?
Rodney Paul, director of sports analytics at Syracuse University said:
“THERE’S A REAL CRAVING FOR THAT KIND OF FEELING OF TOGETHERNESS THAT THE SPORTS WORLD BRINGS. IT’S A REALLY EXCITING EXPERIENCE THAT MAYBE IS EVEN MORE EXCITING NOW BECAUSE PEOPLE HAD LOST IT IN THE PAST.”
Ultimately, we are all willing to pay more for the time being. But at the same time, we will have to see how long we will tolerate letting sellers increase event prices…
Until then, let the good times roll — if you can afford it.
Be Great,
GCTV Staff
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