Santander has issued a £128 warning to customers, revealing that this is now the average cost of a UK gig, with stadium ticket prices nearly quadrupling since 2000. A new study from the bank, which has branches in Birmingham, uncovers the cost of 25 years of 'Gigflation', with the average gig or festival now costing £128 per ticket – a 212% increase on prices in the early 2000s.
Fans Spending £417 Annually on Live Music
Music fans today are willing to fork out an average of £417 on gigs each year, with the lifetime cost of enjoying live music now estimated to be over £28,000. Frances Haque, Economist at Santander UK, said: “Live music remains one of the UK’s most valued social and cultural experiences, but the cost of attending major concerts and festivals has increased dramatically over the past two decades.”
Inflation Outpaced by Soaring Ticket Prices
“While inflation has affected many areas of household spending, ticket prices for the biggest live music events have risen considerably faster, particularly for major stadium tours and globally in-demand artists,” Haque added. “Despite the increasing financial demands, consumers continue prioritising memorable experiences and cultural moments. Putting aside even a small amount of savings now can help get future you to those moments that matter, which you’ll remember for years to come.”
Public Sentiment on Gig Affordability
Four in five Brits say they miss the days when gigs were affordable and spontaneous rather than a major financial commitment. The rise is largely thanks to increased prices for major stadium and arena tours, with fans now routinely paying triple-digit sums to see their favourite artists, including Harry Styles, Taylor Swift, Coldplay and Oasis.
Majority Still See Concerts as a Good Investment
Three-quarters (75%) of concert going Brits still believe that seeing their favourite artist is a good investment and plan to attend an average of three shows a year. Santander UK commissioned the 'Gigflation Index' to look at the rising cost of live music as it launches its new 8% Regular Saver, helping customers save for those moments that matter.
Santander Launches 8% Regular Saver Account
Santander UK has launched a Regular Saver Account, paying 8% AER/variable for the first 12 months, allowing customers to save up to £200 a month.
