Have you ever bought festival tickets, knowing you might not have enough money to actually afford it? If you have, don’t feel singled out as a new study found that nearly one-third of millennials found themselves in this sticky situation. CompareCards by Lending Tree, surveyed 1,019 Americans this past July to find the truth of our spending habits. Ultimately, it wasn’t pretty, as about 23% of those surveyed, admitted to being in festival-related debt.
As we know, one could quickly go into this festival-related debt, during the festival. Purchasing food, drinks, accommodations, and airfare, all add up on top of the event ticket itself. Of the 1,019 surveyed, 53% attended a festival in the past year with 28% stating they spend at minimum, $500. In fact, they found that millennials are spending more on festivals now, than they have in previous years. Approximately 68% believed they spent more on festivals in the past year.
What could be the cause of this? First, more and more quality music festivals are available year-around. Besides popular events like Ultra, EDC, and Coachella, many Americans travel globally for premiere events like Tomorrowland. Additionally, festival tickets in themselves appear to get more expensive year after year. With a single ticket going anywhere from $300 – $600, some underestimate how much they’ll spend on hotels/camping, transportation, and food.
Still, attending your favorite festivals may not be all bad. Another study by financial expert Jean Chatzky, found that overall, experiences bring more happiness than physical objects. These experiences involve meeting new people and everlasting memories, something money can’t buy. At the end of the day, it’s your life but be smart with your money, so you can attend more music festivals in the future!