Consumers willing to spend on live music tickets despite cost-of-living pressures

Consumers in the UK are opting to spend money on festival tickets over other luxuries according to a recent survey. 

According to bank HSBC UK, people have been reducing their spending over the last six months, cutting back on the likes of takeaway meals and dining out.

However, consumers are willing to make exceptions for festival tickets over spending money on items such as clothing.

HSBC’s findings match the news this week that London venue The O2 had sold a record-breaking 2.5 million tickets in 2023, demonstrating the demand for live music and entertainment.

However, the positivity does not extend to all areas of the industry, as culture organisations face budget cuts and smaller music venues are struggling amid pricing pressures.

While venues in England will benefit from extended business rates relief for another year thanks to the recent Autumn Budget, iconic destinations have been forced to close their doors after battling high costs.

Most recently, Moles in Bath closed after 45 years due to the rise in costs and overheads, and the impact of the cost-of-living crisis in the UK. The venue had hosted early gigs from the likes of Oasis, Eurythmics, Radiohead, Ed Sheeran and more. Scottish ministers have been urged to consider a £1 ticket levy on major concerts at large venues, to support grassroots music.