Santander has issued a warning to customers as the average cost of attending a UK gig has soared to £128, reflecting a near quadrupling in stadium ticket prices since 2000.
A recent study by the bank, which has branches across the UK including Birmingham, reveals the impact of 25 years of ‘Gigflation.’ The research shows that ticket prices for gigs and festivals have surged by 212% compared to the early 2000s. Today, music fans spend an average of £417 annually on live shows, with the estimated lifetime cost of enjoying live music surpassing £28,000.
Frances Haque, Economist at Santander UK, explains: “Live music remains one of the UK’s most cherished social and cultural experiences. However, the cost of major concerts and festivals has risen sharply over the past two decades. While inflation has influenced household spending broadly, ticket prices for top-tier live events have climbed significantly faster, especially for stadium tours featuring globally popular artists.”
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Despite the escalating costs, fans continue to prioritize these memorable experiences. “Setting aside even a small amount now,” Haque notes, “can help future you afford those special moments that will be treasured for years.”
The study also found that 80% of Brits miss the days when gigs were more affordable and spontaneous instead of a substantial financial commitment. The price hike is largely driven by blockbuster stadium and arena tours, with fans frequently paying triple-digit amounts to see artists like Harry Styles, Taylor Swift, Coldplay, and Oasis.
Nonetheless, three-quarters of concert-goers believe that attending live shows is a worthwhile investment and plan to go to an average of three concerts per year.
In response to this rising cost, Santander UK has launched an 8% Regular Saver Account, providing a competitive interest rate (8% AER/variable for the first 12 months) and allowing customers to save up to £200 a month. This savings option is designed to help fans prepare financially for those live music experiences that matter most.