Americans, like others around the world, love our sports. And many of us love spending on them too.
A LendingTree survey of about 1,600 Americans, shows that 41% of us will spend money on sports this fall. A total of 21% said they would spend on tickets for games, 16% for merchandise, 15% on food and alcohol and 8% on sports betting.
That 8% figure seems low. There could be a lot of sports junkies who don’t want to admit that they’re gambling.
A total of 8% also said they’ll spend on streaming packages to watch sports, and 8% said too that they’ll spend on travel to attend games.
The spenders on average plan to dole out a total of $664 this fall, according to the study.
The Demographics
Looking at income demographics,
· Those with income of $100,000 or more a year plan to spend $931.
· Those with income of $75,000 to $99,999 plan to spend $900.
· Those with income of $50,000 to $74,999 plan to spend $571.
· Those with income of $35,000 to $49,999 plan to spend $483.
· Those with income of less than $35,000 plan to spend $382.
Looking at age demographics,
· Baby boomers (born 1946-64) plan to spend $641.
· Generation Xers (born 1965-76) plan to spend $827.
· Millennials (born 1977-96) plan to spend $645.
· Generation Zers (ages 18 to 25) plan to spend $464.
Looking at gender demographics, among the spenders, men plan to dole out $767 on average this fall, and women plan to spend $512.
The sports that will attract the highest percentage of spenders are
· Football: 73%
· Basketball: 38%
· Baseball: 26%
· Hockey: 13%
· Soccer: 12%
· Wrestling/mixed martial arts/boxing: 11%
· Tennis: 8%
· Motorsports: 7%
· Golf: 7%.
Debt, Gambling
Not everyone is spending prudently. One-third of sports fans said they will or might take on debt this fall to support their sports spending, with the total at 42% for Millennials and Gen Z, 22% for Gen X and 11% for baby boomers.
You can bet that some of this debt will finance gambling, which could lead to dangerous addiction for some.
Matt Schulz, LendingTree (TREE) chief credit analyst, acknowledges the grave risk of sports betting but points to the bright side too.
“Done wisely and in moderation, sports betting can be an amazing, fun thing,” Schulz says.
“Fantasy football leagues, March Madness brackets, Super Bowl pools and trips to Vegas with family and friends can be fun and lucrative — and create memories that last a lifetime. The adrenaline rush you feel when you win a sports bet can be powerful.”
What he says is true, but not everyone is capable of gambling wisely and in moderation. And Schulz isn’t an unbiased source. LendingTree is an online loan marketplace that would benefit financially if someone took a loan through its site to finance a sports gambling habit.
