Music festivals are a great way to let loose and meet some new people at a fun event. They are also a great way to empty your wallet and throw you into debt, according to a new study.
About one in four Americans who attended a music festival within the last year are currently still paying off debt related to such an event. According to a report by CompareCards, that figure includes as many as one in three American millennials. Big-name music festivals such as Lollapalooza tend to grab a lot of headlines, and they take place all across the US in small towns, big cities, and everywhere in between. If you ask festival-goers about how to have fun at these festivals, the answer will often include something that will empty your wallet.
The reasons that music festivals empty young peoples’ wallets are plentiful. First of all, a basic access pass at one of these festivals often goes for over $300. Once you get to the venue, well, we’re sure you know the kind of expenses event organizers fling at festival-goers. Despite all this, Americans’ love for music festivals is as strong as ever. According to the study, 45% of Americans have attended one in the last 12 months. Among these festival-goers almost one in four (23%) pick up debt from their trip to the festival. Also, 55% festival-goers report spending more money recently than they have in previous years. Music festivals aren’t getting any cheaper, but they are becoming more popular. According to the same study, the largest festival-related expenses are the ticket, food, a hotel room, and a new outfit.
