Sports ticket prices have surged this fall, with admission prices for sporting events jumping 25.1% in October 2023 compared to the same month the previous year. This increase in prices is part of a larger trend known as 'funflation,' where the price tags of live events are rising as consumers seek to regain the experiences they lost during the pandemic.
One factor contributing to the higher ticket prices is the use of dynamic pricing models, which allow ticket-selling platforms to adjust prices based on demand. Additionally, the lineup of attention-grabbing sporting events, such as the Formula One race in Las Vegas and Lionel Messi's move to the Inter Miami team, has increased enthusiast spending.
Another reason for the significant 25.1% jump in ticket prices is the comparison to the low prices of the previous year. In 2022, teams reduced ticket values to attract fans who had become accustomed to watching games from home. As a result, sports ticket prices in October 2023 were 14.2% higher than in November 2019.
The National Football League (NFL) and National Hockey League (NHL) have experienced approximately double the sales in 2023 compared to the previous year. The National Basketball Association (NBA) saw a nearly 60% increase in sales at the start of the season, while college football witnessed a growth of around 50%.
However, not all sports have seen the same price growth. Ticket prices for the top 10 sporting events were 15% higher in 2022 than in 2023.
While the current trend of rising ticket prices may continue, experts believe that overall inflation rates should help cool sector-specific growth. As consumers return to a more normalized entertainment spending routine following the post-pandemic experience boom, demand and prices may stabilize.
The surge in sports ticket prices, driven by 'funflation,' has made attending games more expensive for fans. While some sports have experienced significant price increases, others have seen more modest growth. As the economy fluctuates, the financial stability of fans will play a role in their ability to afford tickets. However, the desire to regain missed experiences from the pandemic may lead some consumers to justify spending more on tickets. Ultimately, the impact of rising ticket prices on sports attendance and fan engagement remains to be seen.
