Ticket Prices for One of America’s Favorite Pastimes Are Up 25% Thanks to a Phenomenon Economists Call ‘Funflation’
Noticed ticket prices continue to rise? You’re not the only one.
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Key Takeaways
- The U.S. Bureau of Labor Statistics reported that the Consumer Price Index saw a 25.1% increase in sporting ticket admission prices in October 2023 as compared to the same time last year.
- Overall inflation rates decreased month over month to 3.24% from 3.7%.
If you’ve noticed an alarming uptick in ticket prices in the entertainment industry since last year, you’re not alone.
In fact, a new report from the U.S. Bureau of Labor Statistics proves just that, as new Consumer Price Index data rolls in for October 2023.
According to the , admission prices for sporting events increased an astounding 25.1% from the same time one year ago, making it the category with the highest inflation rate.
Related: ‘Excruciating’: Taylor Swift Opens Up About Ticketmaster Fiasco
Economists have dubbed the uptick in entertainment-related costs (like concert and sporting event tickets, airline tickets, vacation rentals and hotel rooms) “.” Prices are up compared to pre- and mid-pandemic prices when many people were unable or hesitant to participate in such activities.
October 2023’s CPI also showed a 14.9% increase in prices of food from vending machines and mobile vendors (which would include dining choices made at entertainment venues and transportation locations) and motor vehicle insurance increasing 19.2%, with motor vehicle repair increasing 15.1% — indicating Americans are spending more time on the roads.
Related: Restaurants Are Adding ‘Inflation Fees’ to Customer Checks
Admissions to concerts, movies and theatres increased 4.5% from the same time last year, while overall admission to entertainment events was up 10.9% year over year.
Inflation as a whole in October to 3.24% from 3.7% the month prior and a jarring 7.7% at the same time period last year.
Key Takeaways
- The U.S. Bureau of Labor Statistics reported that the Consumer Price Index saw a 25.1% increase in sporting ticket admission prices in October 2023 as compared to the same time last year.
- Overall inflation rates decreased month over month to 3.24% from 3.7%.
If you’ve noticed an alarming uptick in ticket prices in the entertainment industry since last year, you’re not alone.
In fact, a new report from the U.S. Bureau of Labor Statistics proves just that, as new Consumer Price Index data rolls in for October 2023.
According to the , admission prices for sporting events increased an astounding 25.1% from the same time one year ago, making it the category with the highest inflation rate.
Related: ‘Excruciating’: Taylor Swift Opens Up About Ticketmaster Fiasco
Economists have dubbed the uptick in entertainment-related costs (like concert and sporting event tickets, airline tickets, vacation rentals and hotel rooms) “.” Prices are up compared to pre- and mid-pandemic prices when many people were unable or hesitant to participate in such activities.
October 2023’s CPI also showed a 14.9% increase in prices of food from vending machines and mobile vendors (which would include dining choices made at entertainment venues and transportation locations) and motor vehicle insurance increasing 19.2%, with motor vehicle repair increasing 15.1% — indicating Americans are spending more time on the roads.
Related: Restaurants Are Adding ‘Inflation Fees’ to Customer Checks
Admissions to concerts, movies and theatres increased 4.5% from the same time last year, while overall admission to entertainment events was up 10.9% year over year.
Inflation as a whole in October to 3.24% from 3.7% the month prior and a jarring 7.7% at the same time period last year.
