Sports enthusiasts like Dan Hornberger, a lifelong Philadelphia Eagles fan, are feeling the pinch as the cost of attending games skyrockets. Hornberger, who attended five home games last year, is now limited to just two games this year due to the exorbitant prices.
According to federal data from the Bureau of Labor Statistics, admission prices for sporting events surged by 25.1% in October 2023 compared to the same month the previous year. This staggering increase in ticket prices reflects the concept of “funflation,” where consumers are willing to pay more for live experiences they missed during the pandemic.
While the overall Consumer Price Index (CPI) rose by a modest 3.2% annually, the sports ticket category experienced the highest inflation rate among hundreds of tracked items.
Economists attribute this surge in sports ticket prices to several factors. Dynamic pricing models, which adjust ticket prices based on demand, have become more prevalent, allowing platforms to charge higher rates when demand is high.
Additionally, the convergence of high-profile sporting events this fall, including the Formula One race in Las Vegas and Lionel Messi’s move to the Inter Miami soccer team, has increased enthusiast spending.
However, a significant contributor to the 25.1% increase is the comparison to the exceptionally low prices of tickets in 2022. Teams had lowered ticket prices to entice fans back to stadiums, as many had become accustomed to watching games from the comfort of their homes during the pandemic.