Research shows that more than a third of festival-goers have dipped into savings to pay for tickets this year, so experts have stepped in with the best advice on how to have fun without spending big
Festivals can be a costly affair, and with the current economic climate and people tightening their belts, finding ways to save money is crucial. Exclusive data shared with PA from Credit Karma, gathered from an Opinium survey of 2,000 UK adults this month, revealed that over a third (35%) of festival-goers have dipped into their savings to afford tickets this year.
Akansha Nath, general manager at smart money platform Credit Karma, explains that there are several reasons why festivals can be expensive, including the cost of tickets.
New research from Credit Karma reveals that three in five (61%) festival-goers believe that escalating ticket prices have become excessive. Other festival-related expenses such as transport, food and drink, and outfits are also on the rise, with three-quarters (76%) of people stating these costs are all increasing.
READ MORE: UK music festivals you won’t want to miss this summer – and can still buy tickets for
“There are also social factors at play, as people are keen to avoid ‘FOMO’ – fear of missing out,” says Nath. “Three in 10 festival-goers feel pressured to attend festivals simply because their mates are going – particularly among Gen Zs.”
Richard Davies, founder of ticket resale platform Twickets, adds that festivals have “become big businesses” and the costs behind the scenes reflect this. “From artist fees and production to infrastructure, security and licensing – everything is now more expensive,” he notes.
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“Luckily there are festivals for all types of budgets, so fans can choose a one-day event or a festival that’s four days with accommodation, depending on how much they want to spend. With preparation and planning, there’s no reason your festival fun should be limited this summer,” assures Nath. “Just remember to prioritise the events you most want to go to, set a careful budget and don’t commit to more than you can afford.”
Davies and Nath have both come up with several savvy tips for festival-goers looking to save some cash as the festival season draws near.
Charge your phone for free
Davies recommends bringing a pre-charged power bank or solar-powered charger to avoid paying for charging services at festivals, explaining: “When your phone runs out of battery, often the only option is to use phone charging stalls at festivals which can eat into your budget. Bringing your own charging bank saves money and some festivals even offer free eco-charging points if you bring your own lead.”
Volunteer
“Volunteering at festivals is a great way to get your ticket for free, in exchange for working a few shifts,” Nath explains. “Sites like My Cause UK and Oxfam can help you find available volunteer opportunities.
“You can also sometimes get free meals and camping upgrades from volunteering,” Davies chimes in. “Therefore, it’s worth asking the organisers what the options are.”
Pay in instalments
Nath points out an alternative approach to managing festival finances. “Another way to cut costs is by using instalment-based payment schemes or credit that can split the cost of tickets across several months – whether that’s using credit cards, Buy Now, Pay Later credit, or the festival’s own payment instalment service,” he notes.
“However, remember not to overcommit or take on more debt than you can afford to pay back.”
READ MORE: How Gen Z plans to balance summer fun with budget constraints
Make the most of festival apps
Lastly, Davies suggests downloading the festival app for potential discounts and giveaways, saying: “Its always worth downloading the festival app when you arrive as some events offer discounts or freebies, surprise giveaways or share food stall deals.
“Keep your notifications on and check daily for the chance to save money. The festival’s official app should also have useful resources like maps and timetables, to ensure you can plan your day and not miss out on the artists you really want to see.”