COMP NEWS – The cost of leisure activities such as travel and amusement are not safe from inflation, as ticket prices have increased by up to 100%.
In general, the prices that consumers pay for goods and services recently notched their largest year-over-year jump since 1982.
Gas prices, alone, are up a whopping 58.1% over the past year, and that’s just to get to where you are going.
As many choose to stay at home during the pandemic, ticket prices for a variety of amusements are on the rise. In addition, even ticket prices on the secondary market are rising rapidly as well.
In the secondary market, where many of these tickets are bought and sold, the average resale price per ticket jumped roughly 28% for sporting events and about 45% for concerts since the start of the pandemic.
The average resale price of an NFL ticket, for example, rose to $237 from $198.
Events with limited attendant numbers due to pandemic restrictions have seen the highest pricing increases.
The Metropolitan Museum of Art in New York, which houses one of the world’s largest collections, used to have a “suggested donation” for entrants, which is now limited to only New York State residents and students from the tri-state area. All other visitors must pay $25 for a general admission ticket.
Other museums, including the Modern Art Museum of Fort Worth and the Crocker Art Museum in Sacramento, California, raised ticket prices by at least 50%, according to a report by coupon and deal site DealA, which compared the price of an adult general admission ticket as of last month to prices in 2017.
Ticket prices to other attractions also hard hit by Covid restrictions have shot up by much more — as much as twice what they were pre-pandemic, DealA found.
Overall, the market is responding to the massive pent-up demand that consumers have for amusements, as well as the additional labor and input costs that have been caused by broader rises in inflation.
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