Nearly 40% of Gen Z and Millennials Have Spent up to $5,000 for Live Events

I recently took my kids to see Peter Pan, and the price for a family of four in the cheap seats still gave me sticker shock. I love seeing live theater, and my kids enjoyed it (I think?), so the price was worth it for me.

But the few hundred dollars I spent doesn't come close to what some people are willing to fork over for live events. A recent AAA and Bread Financial survey found that 37% of Gen Zers and 39% of millennials have spent between $500 and more than $5,000 on live entertainment tickets.

That's right, just for the tickets.

Here's which groups are spending the most on live entertainment like sporting events, concerts, and comedy shows -- and how to help your budget if you're one of the big spenders.

Younger people love to spend on live entertainment

While most Americans will splurge on event purchases now and then, younger consumers are more willing to throw financial caution to the wind for big events. Here are a few interesting findings from the survey:

• More than 53% of Gen Zers have plans or are planning to attend a live event requiring air travel.
• 42% of millennials and 37% of Gen Z will tap their savings accounts to pay for live event travel costs.
• About a third of the two groups would start a side hustle just to pay for their event travel.

There's nothing wrong with spending money on traveling and live entertainment, but the problem is that some of this spending is coming at a time when younger Americans are going deeper into debt.

Recent Experian data shows the average credit card balance for Gen Z in 2023 was $3,262, up 14.3% from 2022.

How to enjoy events without the debt

With inflation pushing up the prices for everything over the past few years, it may seem impossible not to go into debt to see a show or watch your favorite sports team live. But with some planning and patience, you can still have tons of fun without the financial stress -- here's how.

1. Set aside bonuses and raises

If your job offers you regular tips and bonuses, or if you recently received a raise, put any extra money aside into a savings account so you're not tempted to spend it. Even small amounts can add up quickly. Just $50 extra saved per month will give you $300 toward your next event in six months.

2. Budget for fun

You may not need additional income to swing your next trip if you can cut enough expenses out of your spending. When I was in college, I spent way too much money eating out and never thought twice about it. Using a free budgeting app can show you how much you spend on eating out (or anything else), so you'll be reminded to use that money instead to boost your entertainment budget.

3. Use credit card rewards

Savvy travelers know that travel rewards cards can go a long way to helping you get cheaper plane tickets and lodging. But you don't need to open a new card to get the perks. Many cash back rewards cards can help you earn up to hundreds of dollars a year in rewards, which you can put toward your next destination event.

No matter what your live entertainment plans, spend some time thinking through how you'll pay for it before you spend the money. This will allow you to have great experiences -- while still being able to afford them.