Are they about to crash?
There have been stories in the past two days that interest rates have peaked, that the Federal Reserve won’t raise them again, but there are other business stories that have one wondering whether the public is going to shy away from buying concert tickets, just like they’ve shied away from travel and luxury goods.
“‘Revenge Travel’ Fizzles for Budget Airlines – Travel demand is getting back to normal, causing an autumn slowdown at some low-price carriers”: https://tinyurl.com/n9ysdfs7
We thought it would never stop. After being locked down during Covid people started to travel and travel and travel… Airline ticket prices went through the roof. If you’ve flown you’ve noticed this. And when you did get on the plane, it was full. But now, this trend is reversing. And hotels too, 100% occupation is fading…
And:
“A Gilded Age Is Fading for Luxury Brands – The latest results from Louis Vuitton owner LVMH show that luxury shoppers are sobering up after years of heavy spending”: https://tinyurl.com/yb6hc732
Then there’s today’s news:
“Big Banks Say Trouble Is Coming, But Their Earnings Are Still Strong”: https://tinyurl.com/4bk7jpjd
Concert tickets are luxury goods. They are not necessities, like food and water. So will people continue to lay out beaucoup bucks to see shows? And will they continue to go at all? Are they satiated after a long post-Covid run, like they are with travel and luxury goods?
Now the truth is today many concert tickets are sold far in advance of the dates the shows play. And this is especially true with the bigger acts. So there might be a delay in evidence of softness. And club shows…let’s just say shows for $50 or less…that’s more like going to a bar, then again, when people start cutting back, they don’t go out to eat, they cancel streaming services…
And then there’s the price of tickets. The sky has been the limit. There’s been adjustment of prices upward when demand soars on the on-sale date. There seems to be no limit to what people will pay, or let’s just say for all the bitching about concert ticket prices, there are many people who’ve had no problem paying triple digits to see their favorite act. The rich soaking up the good seats at inflated prices…that is wrong, you’d be stunned how the hoi polloi save and lay out for their favorite shows.
It’s hard to argue with the numbers. When travel and luxury goods, signaling status, fade are concert tickets far behind? Business has been through the roof, can this continue?
Indicators say otherwise.
