The rise in cost of living has caused people to reduce their spending this year, however, a new survey found that consumers in the U.K. are willing to splurge on one thing in particular: live events.
According to A YouGov survey of more than 2,100 people on behalf of the bank HSBC UK, people were 42% more likely to cut back on clothes shopping this year compared to 15% cutting out their spending on music festivals. The survey found that the average consumer spends between £50 and £60 per month on live events, with women likely to buy tickets over men.
This year proved to show a significant increase after the COVID-19 pandemic. HSBC found that the number of transactions for live events doubled in August 2023, compared to January 2020. Additionally, theatre is on the rise; the bank said there was a 117% rise in transactions for theatre productions, comparing January 2020 to May 2023.
“It’s fantastic to see our customers enjoying the return of live events after the pandemic closed the curtain on some of our favourite shows,” Pella Frost, head of everyday banking at HSBC UK, said.
| RELATED: London’s O2 Celebrates Record-Breaking Year |
This follows news of the O2’s record-breaking sales this year; the London venue announced it had sold 2.5 million tickets this year across more than 200 events. The achievement follows the previous year’s record of 2.3 million in ticket sales, reflecting a 9.3% increase in year-on-year ticket sales since 2019.
