The Event Premium: What’s the future of the events industry?

“Large gatherings may remain rare. A report led by Scott Gottlieb, a former Food and Drug Administration commissioner, said gatherings should be limited to 50 people or fewer.” Recent article in the New York Times.

Americans are getting restless; there is considerable pent-up demand for ‘revenge spending’ once things return to normal, including desire (despite continued fear) to attend live events. The requirements to make these things available, allowed, and accessible in a safe manner may be extensive, and the new price tag is likely to match.

Americans are ready—and willing to pay more—for this new era of exclusivity: three in four Americans (74%) are willing to pony up for some kind of ‘New Premium’ experience, and nearly half are willing to pay more to attend safely configured events.

Some miss the event itself, some may miss the shared experience—an equal number of Americans say they would pay more for a private event (e.g., a concert in your yard or a movie theater you rent out) vs. a public event limited to partial capacity (e.g., a half-filled concert hall or rodeo). Younger Americans (age 18 to 44), those earning more than $100k, and men are the most willing to pay more.

Sports may be their own beast: while 49% of Americans miss attending in person, one in five say nothing would make them feel safe to return. (For more details on sports preferences, see here.)

Takeaway: Knowing that consumers are willing to support an increased price to make things safe and accessible, how can events begin to evolve to speed up the willingness to re-engage (think cleanliness standards, capacity caps, reconfigured spaces)?

Contact us for a consultation or more information from this study.