Anything to see Taylor, right?
According to a Newsweek poll from earlier this month, Gen Z — the generation born between 1997 and 2012 — are reportedly drowning in personal debt. How much? $94,101 to be exact.
And it seems like extravagant concert ticket purchases are contributing to that wild number.
It’s nothing new that the cost of concert tickets has become astronomically high within recent years, thanks to the demand and many fees that come with it.
Yet, Gen Z — and some millennials — are willing to dig themselves further into a hole for a chance to see their favorite artists live.
Clearly, Zoomers aren’t batting an eye at what it costs them to attend these concerts — because new data from Rakuten revealed that 30% of the generation use their rent money or mortgage funds to purchase tickets.
Not a smart move for this generation’s future if they ever want to be homeowners — as credit card delinquency and a large debt burden are both dealbreakers when it comes to mortgage approvals.
To make matters financially worse, websites like StubHub and Vivid Seats are now offering payment plans so people can finance their outrageous ticket purchases.
And Gen Z is taking advantage of that option — as many concert-goers have taken to TikTok to bond over their poor financial decisions.
One user posted a video of herself eating nothing “but air” with overlay text reading, “me eating air after using klarna to buy a $600 concert ticket to see fall out boy and bring me the horizon since I can’t afford food now.”
Another content creator shared a video of herself doing a celebratory dance to Gwen Stefani’s “Rich Girl” with the text, “me after finally paying off my stupidly expensive eras tour ticket from JULY!!! (thank u affirm).”
Dr. Mary Poffenroth, a biopsychologist told the Daily Mail, “From a neurobiological perspective, it’s no surprise Gen Z and millennials are willing to borrow money for concert tickets.”
“Dopamine, a neurotransmitter that makes people feel good, is already being released in the brains of young adults who are thinking about buying tickets to see Taylor Swift or Beyoncé,” Dr. Poffenroth added.
The expert went on to say: “This chemical change can trigger what we call the ‘hedonic anticipation effect.’ This means that looking forward to the concert can be almost as enjoyable as the concert itself.”
Source: nypost