February 10th, 2023, Kineree Shah
Recently AMC theatres, the largest movie chain in America, revealed that the cost of a movie ticket would be based on seat location, with front seats being more affordable, and prime seats coming with a higher price tag. The ticket prices for Blink-182's concert in Australia, set to take place in 2024, range from $250 to a staggering $400 or more for the best standing positions. And, when it comes to the Super Bowl, even the cheapest secondary market tickets come with a price tag of over $5,000 right now. But how price-conscious are consumers about out-of-home entertainment?
A recent YouGov poll conducted across 18 countries found that a fifth of global consumers consider themselves to be price-conscious when it comes to out-of-home entertainment (19%). Being price-conscious means being sensitive to price increases and making changes in behavior, such as switching brands, shopping around, or not making a purchase at all, in response to price hikes. Out-of-home entertainment is one of the more price-sensitive markets, ranking behind groceries (55%), utilities (36%), clothing (35%), take-out food (30%), and phones (20%).
Consumer attitudes towards out-of-home entertainment prices display significant variability across different countries, according to the data. With a third of Spanish consumers being conscious of entertainment prices, the country tops the list of all those surveyed (33%).
In Europe, after Spain, Italy (23%) and Poland (20%) have the highest percentage of price-conscious consumers, while France (19%) have similar numbers. Conversely, consumers in Denmark (8%) and Sweden (13%) are less likely to be concerned about entertainment prices.
In the United Kingdom, individuals within the age groups of 35-44 (20%) and 45-54 (21%) tend to be more cost-conscious than those in the 18-24 and 25-34 age groups (16% each). Conversely, the 55+ demographic is the least likely to be sensitive to the cost of out-of-home entertainment, with only 13% of this age group exhibiting price-consciousness.
In North America, Mexico (28%) and Canada (24%) have similar percentages of price-conscious consumers, while United States consumers are less sensitive with only 16% of Americans being price-conscious. When segmenting the data by age, it becomes apparent that US adults between the ages of 18-24 (19%), 25-34 (17%), and 35-44 (17%) tend to be more price-conscious compared to their counterparts in the 45-54 age group (14%) and those 55 years or older (15%).
In Asia, the percentage of price-conscious consumers is relatively consistent. India (22%) and Hong Kong (21%) have comparable percentages, while the UAE (20%) has a slightly higher proportion. On the other hand, consumers in Singapore (17%) are less likely to be conscious of out-of-home entertainment prices compared to other markets in Asia.
Brands can make use of this data to tailor their marketing and pricing strategies to meet the needs and preferences of consumers in different regions. For example, brands could offer discounts or promotions in regions where a higher percentage of consumers are price- conscious, in order to attract more customers.
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Methodology
YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 510 and 2044 for each market. All surveys were conducted online in December 2022. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.
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