Nearly a quarter of Americans have used buy now, pay later to cover the cost of going to a concert or festival, according to a new LendingTree survey. Just like grocery items, concert tickets are becoming increasingly expensive, and fans are finding creative ways to afford them.
It also found that younger people are more likely to use BNPL, with 37% of Gen Z and 35% of millennials saying they've done it. Overall, parents of young kids are the most likely group, at 44%, to say they'll go into debt over a concert or festival. And men are much more likely than women — 39% vs 22% — to say so as well.
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Concert Costs Are Going Up
According to the survey, concert-goers are expected to spend about $1,000 on live shows this year. That includes not just tickets, but also travel, food, drinks, and merchandise. Around a third of those planning to attend concerts already believe they'll end up in debt because of it.
With BNPL, though these fans could split a $400 bill into four $100 payments and not pay so much initially, those installment payments won't disappear. And though BNPL plans are generally interest-free, you could end up spending more on things that you might not need since it lessens the perceived cost of the purchase.
Some Concertgoers Are Opting Out
When these concertgoers were asked if they agreed that "economic turbulence" was making them reconsider how many concerts they attend, 57% said yes. Another 53% said they've skipped an artist they wanted to see because the tickets were too expensive.
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That said, many people still aren't ready to give up concerts altogether, even with the high prices. Instead, they're trying to offset costs where they can. Nearly 65% plan to use credit card rewards to help pay for tickets or travel, and more than a quarter have opened a new card just to get access to presale perks, according to the survey.
BNPL Should Not Be Your First Option
The amazing experiences and unforgettable memories you make at concerts are priceless, but that doesn't mean it's smart to go into debt for them. Using BNPL plans for concerts isn't that big of a deal if it's just every once in a while. But if you're regularly using it for concerts and live shows, your debt can quickly spiral out of control.
The safest play is to treat concerts like any other line item in the budget. Set aside money in advance and limit how many shows you go to. The memories will last, but ideally, the payments shouldn't.
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