Music is a big part of millennial’s lives. Born in the late ’80s and early ’90s, this demographic comprises the majority of users in music apps such as Spotify. According to Statista, 29% of Spotify users are at ages 25-34, which is considered the age range of millennials.
This says a lot about music being central to this group of people. One aspect of being fans of music is attending music festivals. Attending music festivals is a growing trend for millennials and Gen Z’ers, which is the main market for these events. People dress up in their most unique of clothes, with plastic cups on their hands while sitting on the grass and spotting their favorite celebrities.
According to Keel Associates, a well-known financial advising company, millennials are going into debt due to these music festivals. In this post, they will share the reasons why this group of people is susceptible to debt.
Keel Associates Discusses How Millennials Are Going Into Debt Attending Music Festivals
Music festival tickets are expensive.
The cost of going to music festivals is not a joke–in fact, tickets can range from $500 to $1,000. In an article by Business Insider, there were reportedly people who are willing to purchase $1,000 tickets to attend Coachella, one of the most popular music festivals held in California.
If you’re a millennial earning an average of $2000 a month, this can range from a quarter or even half of a month’s salary. According to Keel Associates, earning lower than that means some would even go lengths to have credit card debt to purchase these tickets.
Music festivals have expensive campsite costs.
Another particular activity that millennials also love to do in music festivals is camping on grounds. Apparently, the most popular music festivals have expensive camping costs which may amount to almost $10,000. The premium locations are said to cost more money.
Even with the budget locations, all expenses can add up when people attending music festivals spend on RVs, camping equipment, and buying supplies needed to last the whole trip. Since music festivals last more than a day, the costs can add up quickly especially if lodging and other supplies are on the luxurious end.
Music festivals have expensive food choices.
This can ve avoided with preparation, but some would spend days inside the campgrounds purchasing food. As most of us are aware, food trucks in fairs, festivals, and other special events may be more costly than usual.
If millennials plan to finish the festival duration, they would spend around $50 to $100 a day on food. For a whole week, this would amount to as much as $700. These expensive food choices along with luxury lodging can quickly add up to the total amount sans the expensive ticket prices.
There are credit card offers for frequent music festival-goers.
Another seemingly attractive option for some music festival-goers is credit card offers for VIP passes and ‘discounts’ for the various events. Since these offers are marketed in the thought of saving money, some millennials would have the tendency to go overboard with their purchases, amounting to debt. Thus, it could also be one of the reasons why this particular group of people ends up spending a lot in music festivals.
Recreational activities such as music festivals can be a great part of millennials’ work-life balance, but it all boils down to setting priorities. With wise spending, this group of people can enjoy fun activities while still managing to avoid debt