“The quality of music artists emphasises how difficult it is to calculate a ‘clean’ price increase,” said UBS Global Wealth Management chief economist Paul Donovan. “And for UK inflation, the pressures may persist,” he added, noting a string of UK gigs by singer Harry Styles in June.
Andy Gensler, executive editor of Pollstar, a publication that tracks the global concert industry, called it a “ridiculous assertion” that Beyoncé‘s shows would affect inflation. While ticket prices have increased, he said, mid-year figures haven’t shown an appreciable rise since May 2022, when US inflation was 8.6 per cent.
“Had it not been for the gig, I wouldn’t have travelled,” said Fairuz Zahari, 36, from Malaysia, who has visited numerous countries for concerts, most recently Ed Sheeran in Australia. A recent survey from US event management company Eventbrite showed 80 per cent of consumers want to go out as much or more this year, even as fans endure the cost and difficulty of securing tickets to big events.
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Popstars could be powering inflation as concert prices surgeFans are shelling out a fortune for tickets to see the world's biggest music acts, including names like Taylor Swift and Bruce Springsteen who haven't toured for years. 'People are willing to splurge because they know they will get quality content, plus who knows when or if she'll do another tour after this one,' said London-based Beyoncé fan Mario Ihieme. The United Kingdom's recreation and culture prices rose 6.8% in the year to May 2023, their fastest in 30 years, with the largest effect from cultural services, 'particularly admission fees to live music events'.
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