Fans spend a lot of money when going to events, but how much is the question. The global live event industry is exponentially growing and event producers are searching for new ways to improve how fans experience their events. Spending money is one way fans enhance their experience; whether it be through buying food, alcohol or even merchandise – the fans spend, spend, spend. In our State of Live Report, we analyze the event data of exactly what fans spend on while attending events. Below are some insights from the data we’ve collected so you really know what the most money is spent on.
Food and Alcohol
Probably the most important and most common spend, our event data shows on average most fans spend between $11 and $25 at events. On the low end, fans spend as little as $1 to $10 and on the high end as much as $26 to $50. Fans spend more money on food than alcohol at events. Spending nothing and spending between $26 and $50 are just about even when it comes to how much fans spend on alcohol at events. Fans are frustrated with the prices of alcohol and food at events so one way event producers can ensure more fans spend on this is to lower the prices at events.
Our event data show that one third of all VIP ticket buyers felt that the ticket was not worth the money. Considering this group of fans has spending power, that is not a good statistic. Make sure to create value to VIP tickets by adding exclusive amenities that will differentiate them from GA tickets. To see how you can build amazing VIP experiences, read here.
Big spenders are a very lucrative market, and like their name says – they spend big. You may think because they’re big spenders that they would purchase VIP tickets, but surprisingly 53.3% of them have never bought a VIP ticket. This group spends over $100 a day on alcohol but is very sensitive to ticket prices and wait times at the bar. But, they are loyal to your event and always spend a lot, if you count on them right. You can especially count on them at the bar.
Since fans spend a lot at events, they care a lot about the cost of tickets. Our data shows that the price of an event is one of the most important factors when fans decide if they want to attend an event. Cheaper tickets are what the fans want; if tickets to events are cheaper, fans will spend more on food and alcohol at the event. They will even attend more events per year – spending more money in the process.
Leverage Event Data
There are some things to think about when trying to determine what your fans will spend money on at your event. For example, if your event is outdoors during the summer, you can assume your fans will spend more on water than alcohol. But assuming only will take you so far. With spend data collected live during the event, you know exactly what fans are spending more on. Using event data, vendors can pivot to what is selling and what is not to maximize on revenue which makes your vendors happy and your event more profitable.