Millennials love to go to music festivals, but their bank accounts only suffer from this. A new report from the online lending market, Lending Tree, says that almost a third (32 percent) of millennials who attended the music festival last year got into debt. In general, almost a quarter of respondents, regardless of age, said they had debts due to festivals.
Expensive pleasure
According to a survey, 53% of millennials attended at least one music festival in the past 12 months. Of those who visited at least one, 28% admitted that they spent at least $ 500 on this. More than half of the polled millennials - 68% - said they spent more on festivals last year than in previous years.
This is not surprising given the price of attending major US festivals such as Coachella, Lolapalooza and Bonnaroo. Just entering the Coachella festival in 2019 costs $ 429, but the total cost depends on how rich the experience is with visitors.
In addition, you need to consider not only the price of tickets, but also accommodation, transport, food and elements of the "festival fashion", which can include everything from fringe, bikini and sequin jackets to dyed hair, shiny makeup and flash tattoos. For those who want to get the most out of their stay at Coachella, the cost can reach almost $ 10,000.
Former Business Insider correspondent Harrion Jacobs said he went to Coachella and paid more than $ 2,000 for a flight and a ticket.
Millennials like new experiences
The fact that millennials get into debt because of music festivals speaks of their love for a new experience. According to JPMorgan financial holding company, they spend more money on travel, entertainment and food than their parents and grandparents. And in a study conducted by Fidelity Investments, more than a quarter of respondents said that after a hard week, the most joyful thing for them will be that they can finally have fun - go to the movies or to a concert.
Is it worth the worry?
Oddly enough, spending money on impressions and experience has positive effects in the long run. The last book by financial expert Jean Chatsky, “Women with money,” says that such a pastime entails a longer and more effective effect: experience not only creates memories, but also encourages meeting new people and physical activity - all this does people are happier.
The only thing the millennials need to pay attention to is the prudent disposition of their finances. Before you get into debt, you should think twice.