Streaming apps, concerts and even movies are more expensive than ever and its making many of us to question whether the entertainment is worth the trouble. According to new data, the answer is ‘no.’
A new report that compiled survey results conducted by Qualtrics on behalf of Intuit Credit Karma revealed that 56% of Americans are over paying for steadily increasing service fees and processing fees for live entertainment such as concerts and games.
“Over the last year, 80% of respondents say they’ve observed a somewhat-to-significant increase in the number of fees associated with ticket prices for entertainment events, and it’s fueling trust issues among consumers,” the report states. “More than half (56%) of Americans say they’ve lost trust in ticketing companies because of the hidden fees they charge. And, it’s not just ticketing companies who are spiking fees. Americans have noticed fee creep across a number of activities, including dining out (56%), hotels and lodging (48%), movie theaters (41%), theme parks (33%) and even rental cars (25%).”
Young adults are the most affected by the high fees and attribute peer pressure for why they still choose to participate in expensive entertainment activities.
“One-third of Gen Z and 31% of millennials reported that they feel pressure to spend money they don’t have on live events or experiences due to social media,” the report states. “This pressure is driving younger generations to spend whatever it takes to attend live entertainment events. According to the study, one third of Gen Z and 31% of millennials say they’re willing to spend whatever it takes to attend live entertainment events. Some have even taken extreme actions to pay their way.”