Christopher BarrettSome 46% of live music fans prioritise spending on live entertainment, even during times of economic uncertainty, according to research commissioned by AEG Global Partnerships.
The enduring appeal of concerts and festivals has been highlighted in the newly published The Live Effect report, which has been compiled using data garnered from a survey by AEG’s research & insights team involving 3,000 UK adults.
Among the survey’s key findings were that only 20% of respondents would cut spending on live music if they experienced financial distress. AEG found that when it comes to luxury items, live entertainment is the third highest spending priority for those who have attended an event in the past three years, behind holidays and hobbies.
Consumers are more likely to cut spending on luxury grocery items (41%), dining out (31%), fitness memberships (30%) and even international holidays (30%) to hold onto live experiences, according to the research.
The report found that 60% of respondents had attended at least one gig, festival or concert in the past three years, while 16% had attended six or more shows in that time. Some 70% of respondents had attended a live event – music, entertainment or sport – in the past three years.
AEG’s report also outlines the passionate relationship that many Gen Zs have for live music, with of 67% Gen Z music fans stating that they experience the same level of purchase excitement for live music events as that of travel. AEG said the excitement surrounding live music and sport ticket experiences is reflected in spending attitudes, with 65% of Gen Zs canvassed stating that they are prepared to spend more on experiences than they are on physical possessions.
When attending events, music fans feel excitement (70%), joy (63%) and even euphoria (32%), according to the research, with many also experiencing a sense of freedom (35%), inspiration (35%) and nostalgia (34%).
“In times of economic instability, sometimes we need a little joy and excitement in our lives, which is why so few fans are prepared to curb their spending on live entertainment in the face of financial hardship,” said AEG International global partnerships president Paul Samuels. “Brands that can elevate fans’ experiences through authentic activations can harness the halo of the positive emotions and heightened attention to shift perceptions, increase consideration, boost sales and build lasting relationships with niche or hard-to-reach groups of consumers.”