Written by Zoe Han
Americans spent $36 billion watching sports in August, compared to $29 billion a year earlier, according to the latest data.
It’s a great time to be a sports fan, but if you want to watch a game in person, be prepared to pay more than you would have a year ago.
Ticket prices for sporting events rose 18.9% in September from a year earlier, according to the latest data from the Bureau of Labor Statistics.
The National Football League season begins in September, which was probably the main factor behind the price hike, said Jesse Lawrence, CEO and founder of ticketing platform TicketIQ. Of the four major U.S. professional sports (football, basketball, hockey and baseball), football tickets are generally the most expensive, Lawrence said. When the professional football season begins in September, the overall average price paid for sports tickets will increase.
The average price for an NFL ticket in 2023 is $612, compared to $468 in 2022 and $418 in 2019, according to TicketIQ data.
Consumers paid an average of $109 for tickets to sporting events in August 2023, compared to about $89 a year earlier. Americans spent a total of $36 billion watching sports in August, compared to $29 billion in 2022, according to the latest data from the U.S. Bureau of Economic Analysis.
The average resale price for an NFL game ticket in 2023 was $435, up 22% from $356 in 2022, according to TicketIQ data provided to MarketWatch. Major League Baseball is up 21% from $94 to $114. National Hockey League tickets are on sale for $227 this year, compared to $191 last year. For the National Basketball Association, the fee is $215 this year, compared to $206 in 2022. TicketIQ says resale prices are typically slightly higher than initial sales prices, but they more accurately reflect consumer demand in real time.
Lawrence noted that higher prices across the economy are contributing to the rise in sports ticket prices. Prices of consumer goods and services rose 3.7% year-on-year in September. Inflation is down from a 41-year high of 9.1% in June 2022, but the cost of labor, rent, and supplies have all increased in the past, making it difficult to hold events. Still more expensive than before. year, he added.
Read: Want to watch every NFL game this season? How much will it cost?
People want to get back to the stadium and watch their favorite team.
Pent-up demand is also fueling price increases now that pandemic-era restrictions on sports stadiums have been lifted.
“People have realized how much they value the communal experience that sports provides,” said Mark Burns, a sports analyst at industry intelligence firm Morning Consult. “Fans missed the passion and energy that the stadium brought.”
Fans are spending more money on sporting events in other ways. It looks like they plan to travel more this year to watch games in person. Across sports categories, fans will travel 7% more distance to see their teams in 2023 than in 2022, according to ticket sales and resale platform Vivid Seat.
“Taylor Swift Effect”
Analysts said Taylor Swift is another reason why some specific games, namely Kansas City Chiefs games, went up in price in September and could go up even more in the future.
The singer showed up to a Chiefs game on September 24th, apparently to cheer on tight end Travis Kelce, with whom she is rumored to be dating. Swift appeared in two more Chiefs games in October.
After her appearance, interest in Chiefs games increased and ticket sales soared as fans hoped to catch a glimpse of Swift. The Vivid Seat page, which sells tickets for the Chiefs vs. Minnesota Vikings game, saw a 273% spike in traffic after Swift’s second appearance on Oct. 1, and the Oct. 8 game between the two teams was scheduled for the Vikings. It was the most sought-after home ticket for Suzuki. for the first time in 14 years, a representative for the ticketing platform told MarketWatch via email.
Read: Taylor Swift was scheduled to attend another Travis Kelce game as fans continue to buy Kansas City Chiefs gear and tickets
Ticket prices for the Chiefs’ game against the New York Jets on October 1 soared after reports that Swift would attend the game. The lowest ticket price rose 43% to $124, and the highest ticket price rose 28% to $511, according to real-time data from TicketIQ.
Swift’s Ella concert tours have an enormous economic impact on the cities where the shows are held, with fans spending time in hotels and restaurants and paying for tickets, costumes, and transportation to see Swift’s shows. Including spending an average of $1,327.
Swift now appears to be bringing a golden touch financially to the NFL. But will she impact league-wide prices?
“She definitely does that in the games she plays, there’s no question about it,” Lawrence told MarketWatch. However, he added that she may not have much of an impact in matches where she is not involved. “I don’t think that’s enough to move the market in a way that is reflected in consumer price data,” he said.
Taylor Swift is probably more popular than the NFL, but the size of her impact also depends on several factors, including the time of the game, the venue, and the popularity of the Chiefs’ opponents, Burns said. told Watch.
“She is changing the American economy with her tour. [which is] Obviously super huge. She’s still changing some of the games she’s going to as far as ticket prices, which is pretty incredible,” Burns said.
-Zoe Han
This content was generated by MarketWatch, a Dow Jones Company. MarketWatch is published independently of the Dow Jones Newswires and the Wall Street Journal.
(Ended) Dow Jones News
10-14-23 0601ET
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