Features
Viagogo Study: UK Secondary Ticket Market Contributes $940M To Local Economies
A study commissioned by viagogo and carried out by the UK’s Centre for Economics and Business Research (CEBR), showed, that the UK’s regulated secondary ticket market helped contribute a total of £733 million ($941 million) in annual turnover to local businesses that support live events.
“This £733 million expenditure by fans extends across sectors, with notable impact in accommodation and food (44%), retail (41%) and transportation (15%),” a press release summing up the survey results states.
Other key findings: Fans, who bought tickets on the secondary ticket market, supported 7,736 full-time employees by attending events, or £156 million ($200 million) in employee compensation. 81% of those jobs were within the accommodation and food service sector, with 10% in transport, and 9% in retail.
Fans buying on the secondary markets don’t just generate ticket revenue by filling otherwise empty seats. They also generate business for the industries around the event, on average £629 per seat, according to the survey findings.
The research found, that, on average, only 16% of concert spending goes toward a ticket bought on the secondary market. The most significant fan expenditure goes toward travel to and from the event, accommodation, dining out, as well as buying clothes and merchandise.
Music fans spend up to £715 total on retail (22%), accommodation (37%), and travel (15%), while sports fans spend even more, up to £873, “reflecting their dedication to the team,” according to the findings summary.
Furthermore, the research indicates, that people, who bought tickets in the secondary market, were willing to spend significantly more if it gave them “bragging rights.” One in 10 people (9%) revealed that the most important thing for them when buying a ticket for a music concert was being able to tell others about being at the event, claiming they would spend significantly more (up to £1,534 for music concerts) on an experience in order to do so.
The answers informing these findings were gathered by Opinium in an online survey with 2,000 respondents in April. Respondents were asked to not look back further than a year, when answering the questions, so the numbers are reflecting the period April 2023 to March 2024.
Comments:
Cris Miller, global managing director, viagogo: “At almost three-quarters of a billion pounds, secondary ticketing in the UK makes a significant contribution to the UK economy. Whether watching their favourite sports teams or musical act, fans are unquestionably passionate about live events and are willing to invest in the full experience.
“Safe, regulated marketplaces like ours play a vital role in ensuring venues are vibrant and full, which in turn supports nearly 8,000 jobs in the hospitality and retail sectors. We’re committed to ensuring fans have greater access to these unforgettable experiences, and it’s clear that their passion has a positive ripple effect on the wider economy.”
Owen Good, head of economic advisory, CEBR: “The secondary market is dictated by classical forces of supply and demand model, which drive both ticket availability and price. As the secondary market meets the needs of consumers by giving them flexibility in attendance, timing and pricing coupled with variety, it also supports the generation of business revenue at different times to the primary, creating a unique distinction between the two.”
Kate Stewart, Owner of The Sandon pub, Liverpool: “As a small business we depend on the guaranteed footfall generated by full attendance at live events. We’ve had huge acts like Taylor Swift and Pink playing this summer and people really push the boat out on making the most of the occasion. So much so that it means we need to hire more staff to cope with the influx – which is always good news!”