Which Australian age group spends most on live entertainment? … the answer might surprise you
Do you stop going out to concerts as you get older because you’ve “been there, done that” or is your desire for “experiences” something that stays with you?
According to the findings based on a TEG Rewards online survey, Australian over-50s makeup 33.2% of the population but represent 34.3% of total spending on live entertainment.
They spend 7.5% more than under 50s.
The figures are from a survey of 1,000 people in August and September this year, along with TEG Analytics event attendance data over a three-year period to 30 June this year.
Key findings were:
* 1.4 million ticket purchasers in Australia over the three-year period covered by the research were individuals over 50
* While sporting events attract the largest volume of over 50s purchasers, the demographic is over-represented in arts attendance
* Musical theatre is very popular with over 50s, who make up 41.7% of purchasers, compared to narrative theatre where those 50+ years make up 30.9% of audiences.
The Australian study reflects previous findings from overseas.
Last year a Recording Industry Association of America (RIAA) Consumer Trends research found that the 45+ age group is the largest music buying demo in the United States.
Contrary to expectations, tweens and teens are the smallest.
It is entirely possible that much of the music being bought by the over-45s is for children and grandchildren.
But much of their money is spent on “catalogue music”.
In the first half of 2017, more catalogue records (catalogue and deep catalogue) were sold over new releases.
That was 62.9% of the market to 37.1%. If you take just CDs, vinyl and cassettes, catalogue took 63.7% to 36.3%.
Younger people are more likely to buy singles because they have less disposable income.
It would also be interesting to find out what percentage of Baby Boomers makeup album and concert ticket sales for suchphenomenon as Adele and Ed Sheeran.
Research issued last year by ticketing company Eventbrite also showed that Boomers’ share of concert-going was much higher than their share of U.S. population.
44% of Boomers attend more live entertainment than they did ten years ago, 54% have more time to do so because their kids are older.
Eventbrite’s definition of Boomers put the age demo at between 51 and 70.
Ticketmaster’s 2014 U.S. Live Event Attendee Study broke it down further.
Baby Boomers (which it defined as 55 and over) accounted for just 22% of concert-goers.
Millennials (defined as 18 to 34) accounted for 35% while making up 31% of the population. This group also makes up a high percentage of movie-goers.
Middle-aged groups (35 to 54) were 43% of concert attendees, a high rate given they only make up 16.7% of the American population.
Obviously Boomers would have fared better if Ticketmaster had used Eventbrite’s 51 to 70 definition.
The TEG findings, a part of the 50+ And The Leisure Economy’ series, also provided further insight to buying patterns of older Australians.
* Facebook is by far the most popular social media, with 63% reporting daily usage
* While television remains the dominant medium for over 50s, with 84% watching TV regularly, newspaper reading is a particular habit of over 50s, who are 1.8 times more likely to read print than under 50s.
* Most popular In terms of overseas travel are island and beach resorts (48.2%) and cruise ships (47.5%)
* 46.6% of over 50s own a mid-size car, and are 1.2 times more likely to own this type of vehicle than under 50s.
TEG’s Managing Director of Data, Digital and Analytics Mazen Kassis said: “The synthesis of our market leading data analytics and research continues to uncover fascinating insights, this time in the over 50s live entertainment audience.
“Leveraging our range of data-driven solutions and actionable insights, savvy brands can measurably enhance their ability to engage with such an audience through their passions, motivations and interests.”