Sport and music enthusiasts who have purchased resold tickets have injected a staggering £733 million into local businesses that support live events.
An economic impact assessment revealed that 7,736 full-time equivalent jobs were sustained by purchases made through secondary ticket platforms.
The secondary market, by facilitating the resale of seats that might otherwise remain vacant, contributes an impressive £629 per seat in non-ticketing expenditure to the economy, filling a revenue gap left by the primary ticket market.
A significant 81% of these jobs are within the accommodation and food service sector, with transport accounting for 10% and retail making up nine per cent.
This analysis was conducted by the Centre for Economics and Business Research (Cebr) and commissioned by viagogo, which also surveyed 2,000 adults. The poll revealed that nearly a quarter (24%) of sports fans’ budgets is spent on food and drink at and around the stadium during a match.
An additional 13% covers travel costs, with only 15% being spent on the actual ticket. Another 12% of their overall budgets is allocated to securing accommodation when staying overnight for the event. In contrast, concert spending sees 16% going towards a ticket bought via the secondary market for music fans.
A considerable 22% of their total spend is allocated to clothing, accessories, merchandise and souvenirs. Food, drink and accommodation costs account for 37%, while 15% is spent on travel for gig attendees.
Kate Stewart, owner of The Sandon Pub in Liverpool, which is a stone’s throw away from Anfield Stadium, remarked: “As a small business we depend on the guaranteed footfall generated by full attendance at live events.”
She added that big-name performances have a significant impact on local businesses: “We’ve had huge acts like Taylor Swift and Pink playing this summer and people really push the boat out on making the most of the occasion. So much so that we see a spike in revenue and we need to hire more staff to cope with the influx – which is always good news.”
The survey further revealed that sports enthusiasts in the North East are splashing out more than others across the UK, except for those in London, when it comes to supporting their teams. They’re reportedly ready to fork out 30% above the national average to watch their beloved team and 38% extra to catch their preferred music artist live.
Cris Miller, viagogo’s global managing director, highlighted the economic benefits of secondary ticketing: “At almost three-quarters of a billion pounds, secondary ticketing in the UK makes a significant contribution to the UK economy.”
He underscored the dedication of fans to live events: “Whether watching their favourite sports teams or musical act, fans are unquestionably passionate about live events and are willing to invest in the full experience.”
Miller also spoke about the importance of regulated marketplaces: “Safe, regulated marketplaces like ours play a vital role in ensuring venues are vibrant and full, which in turn supports nearly 8,000 jobs in the hospitality and retail sectors.”
He concluded with a commitment to fan access: “We’re committed to ensuring fans have greater access to these unforgettable experiences, and it’s clear that their passion has a positive ripple effect on the wider economy.”
Owen Good, head of economic advisory at the Centre for Economics and Business Research, offered his thoughts on the matter: “The secondary market is dictated by classical forces of supply and demand, which drive both ticket availability and price.”
“As it meets the needs of consumers by giving them flexibility in attendance, timing and pricing coupled with variety, it also supports the generation of business revenue at different times to the primary, creating a unique distinction between the to.”