The concert scene is following in the footsteps of the world returning to normal.
According to a recent survey, concert crowds are expected to be back to their pre-pandemic size this summer.
26% of Americans plan to attend a concert this summer 32% of attendees plan to spend $500 or more when inflation is included. 26% of concertgoers plan to be in debt after the summer from concert expenses.
The majority of people who are going to take on debt say it is worth it. It is worth going into debt for a concert or music festival if it is welcomed by the younger age groups.
A concert can cost a lot beyond tickets. Food and drink is the most common expense, followed by a new outfit and a hotel or rental.
People are willing to pay more for the seat. The majority of people will spend money on their favorite artist.
Debt is unnecessary in this scenario.
Douglas Boneparth, president and founder of Bone Fide Wealth and a certified financial planner, told CNBC Make It that you don't need to go into debt to go to a show.
It's better to build up your discipline in spending. If you focus your time on earning more money, you will be able to afford these things.
Ways to cut costs can be considered. If you purchase an early bird ticket, you will get a lower price. 20% of consumers don't mind the lack of knowledge if they can get a deal if the full lineup is not released.
Credit card and airline benefits are some of the strategies that include looking into. If you use a credit card for concert tickets, be aware of your spending so you don't take on debt.
The only way to avoid debt is to plan your spending for months in advance of the event. In regards to concerts and music festivals, Boneparth says that you should never be in a position where you are planning on debt.
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