Sports fans cut back as ticket prices and bar tabs rise
A Credit Karma survey finds rising sports costs are pushing some fans into debt and others away from games, merchandise and bars.
By Daniel Okafor · Business Editor
3 min read
Rising sports costs are changing how fans follow their teams, according to a new Intuit Credit Karma survey conducted by The Harris Poll. The findings show pressure at both ends of fandom: some fans are willing to borrow for big games, while others are cutting back on live events, merchandise, streaming and even sports bars.
The survey of 1,747 sports fans found that 57% of respondents who said higher costs have affected their fandom are changing their behavior. Among that group, 31% said they are buying less team merchandise, 29% said they are attending fewer games, and 20% said they have cut sports streaming subscriptions.
Bars and restaurants are no longer a cheap fallback for some fans. Intuit Credit Karma said 21% of respondents reported going to fewer watch parties, sports bars or restaurants because of rising costs.
Courtney Alev, consumer financial advocate at Intuit Credit Karma, told Fortune that even lower-cost ways to watch sports have become harder for consumers to afford. She said dining out has grown more expensive, making a bar tab a financial hurdle for some fans.
Big games still draw fans willing to borrow
The survey also found a strong willingness to spend on rare sports moments. Intuit Credit Karma said 47% of fans would attend a championship game involving their team regardless of cost, and one in five said they would take on credit card debt to do it.
Among fans ages 18 to 34, one in five said they would use emergency savings for such an event, according to the survey. Alev told Fortune that younger fans in the data were especially likely to spend on experiences and to be influenced by social media.
The top reasons fans gave for major sports spending were personal and social, according to Intuit Credit Karma. Thirty-eight percent cited making memories with friends and family, 36% cited loyalty to a team or player, and 32% cited the atmosphere of attending in person. Among 18-to-34-year-olds, 33% said social media affected their spending decisions.
Ticket prices test household budgets
Recent ticket prices show why fans are weighing trade-offs. Fortune reported that Game 3 tickets for the New York Knicks in the NBA Finals averaged $5,137, while two courtside seats sold for $279,804. The Knicks’ playoff run generated $380 million in economic activity for New York City, including about $90 million for each Finals home game, according to Fortune.
World Cup prices have also drawn scrutiny. Fortune reported that the cheapest group-stage ticket was priced at $167, while the most expensive final ticket was priced at $67,000. Ticket prices have prompted an attorney general investigation and a congressional inquiry, according to Fortune.
Rocket Mortgage, using TicketData resale figures, found that the cheapest seat for the July 19 World Cup final in New York was $10,329. Rocket Mortgage said that was more than four times New York City’s median monthly mortgage payment of $2,523.
The same Rocket Mortgage analysis found that the cheapest World Cup quarterfinal ticket in Miami was $3,150, or $1,228 above the city’s median monthly mortgage payment. In Dallas, the cheapest semifinal ticket was $3,606, more than double the local median monthly mortgage payment of $1,735. Boston was the exception cited in the analysis, with a $2,125 quarterfinal ticket below the local median mortgage payment of $2,514.
Alev told Fortune that fans who know they may spend heavily on championship games should plan ahead by setting aside money each month. She also warned that charging thousands of dollars for a ticket can leave lower-income fans paying off the purchase for years.
This story draws on original reporting from Fortune.