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Anything to see Taylor, right?
Credit card debt in America has reached an all-time high of $18.04 trillion, according to a Federal Reserve Bank of New York report. And it seems like Gen Z is contributing to that wild number thanks to their concert ticket purchases.
According to a Newsweek poll from earlier this month, the youngsters born between 1997 and 2012 are reportedly drowning in personal debt — $94,101, to be exact.
What are they swiping their plastic on? Everything from trendy products their favorite influencers are marketing on social media to Taylor Swift concert tickets.
It’s nothing new that the cost of concert tickets has become astronomically high within recent years, thanks to the demand and many fees that come with it — yet Gen Z is willing to go further in debt to see their favorite artists live.
And Zoomers aren’t batting an eye at these wildly high prices of concert tickets — because new data from Rakuten revealed that 30 percent of the generation use their rent money or mortgage funds to be able to afford Cowboy Carter tickets.
Not a smart move for this generation’s future if they ever want to be homeowners — as credit card delinquency and a large debt burden are both dealbreakers when it comes to mortgage approvals.
To make matters financially worse, websites like StubHub and Vivid Seats are now offering payment plans so people can finance their outrageous ticket purchases.
And Gen Z is taking advantage of that option — as many concert-goers have taken to TikTok to bond over their poor financial decisions.
One user posted a video of herself eating nothing “but air” with overlay text reading, “me eating air after using klarna to buy a $600 concert ticket to see fall out boy and bring me the horizon since I can’t afford food now.”
Another content creator shared a video of herself doing a celebratory dance to Gwen Stefani’s “Rich Girl” with the text, “me after finally paying off my stupidly expensive eras tour ticket from JULY!!! (thank u affirm).”
Dr. Mary Poffenroth, a biopsychologist told the Daily Mail, “From a neurobiological perspective, it’s no surprise Gen Z and millennials are willing to borrow money for concert tickets.”
“Dopamine, a neurotransmitter that makes people feel good, is already being released in the brains of young adults who are thinking about buying tickets to see Taylor Swift or Beyoncé,” Dr. Poffenroth added.
The expert went on to say: “This chemical change can trigger what we call the ‘hedonic anticipation effect. This means that looking forward to the concert can be almost as enjoyable as the concert itself.”
Read the full article here
