Remember when you could go to a concert for $20? The good old days. According to a new poll, almost 60% of people have cut back on entertainment spending due to rising costs.
Gen Z is most likely to spend on entertainment versus any other generation, with some spending more than $300 a month (19%).
Gen Z and millennials are willing to take on debt to afford entertainment activities, 35% and 33% respectively.
So why is Gen Z willing to go into debt to see the likes of Taylor Swift and other major artists? This could have something to do with Gen Z’s affinity for FOMO-driven spending, often influenced by social media.
A third of Gen Z admit to feeling pressure to spend money they don’t have on live events or experiences due to social media.
GEN Z ENTERTAINMENT SPENDING IS GROWING, NO MATTER THE EVENT!
Above all other generations, Gen Z spends the most often on entertainment, which hasn’t changed much from pre-pandemic days. Before the pandemic, 93% of Gen Z spent money on entertainment every month with nearly one in five saying they’d typically spend above $300 per month on the category. Today, the same holds with 90% of Gen Z spending money on entertainment each month and 19% spending more than $300 each month on entertainment-related purchases.
Across all entertainment categories, Gen Z’s monthly entertainment spend has increased since before the pandemic — more than any other generation.
The top three things that Gen Z are spending their money on are concerts, theme parks and theatre/broadway…