Millennials are going into debt to attend music festivals

Millennials are going into debt to attend music festivals

Millennials love attending music festivals. But we all have the urge to dip beyond our financial means during the summer festival season. A new study from CompareCards proves most are willing to go into debt.

More than 1000 American festival attendees were surveyed in July 2019. Almost one-third (32%) of millennials who attended a music festival in the past year took on debt to do so, and nearly one-fourth (23%) of survey respondents, regardless of age, said they were in festival-related debt.

Of the respondents, 53% attended at least one music festival in the last year; and of those who attended at least one, 28% said they spent at least $500 (R7350) on music festivals.

While festival like make you financial poor, a separate study found that going to concerts and live events will lead to a more happy, satisfied life.

Festival-related debt proves millennials’ preference for short-term experiences rather than saving for the long-term. They pay more for travel, entertainment, and eating out in comparison to previous generations.

After a rough week at work or university, many millennials’ want some form of entertainment, such as going to the movies, happy hour, or a music festival.

Mila Riley

Mila is a German writer who has spent the past few years traveling the globe recording her experiences with pen and paper. Along the way she's also attended many festivals, cultural experiences, foods and more. While Mila isn't traveling right now due to the pandemic, she's gearing up for her next big trip in 2021 again!